Gridco Systems, a Woburn, MA-based provider of agile grid infrastructure solutions for electric power distribution system operators, raised $12m in funding.
The investor group comprises existing investors General Catalyst, Lux Capital and North Bridge Venture Partners, a private family investment office, and new strategic investor Maschinenfabrik Reinhausen GmbH (MR).
The company – which has now raised more than $54m since its founding in 2010 – intends to use the funds to expand the markets for its proven technology solutions in North America and Europe.
Led by Naimish Patel, CEO, Gridco Systems provides agile grid infrastructure solutions, enabling utilities to integrate renewable and distributed generation, increase energy efficiency, manage peak capacity, and improve system reliability.
The company’s emPower™ solution combines modular power electronics, advanced controls, distributed networking, and power system analytics to deliver an end-to-end hardware and software platform purpose-built to solve utilities’ current and emerging distribution challenges in a distributed, dynamic, and decoupled way. Over the past year, Gridco has launched several new power regulation products, including the Gridco Systems SVC-20 Static VAR Compensator™; the IPR-150, a 150 kVA three-phase Inline Power Regulator™; and the PRT-50, a 50 kVA integrated Power Regulating Transformer™. The company has also expanded field deployments of its flagship IPR-50 system, with a customer base of more than a dozen utilities.