Mercatus, a San Mateo, CA-based provider of cloud software for power producers and utilities to manage energy development projects and portfolios, secured $5.1M in funding as part of an extended Series B funding round.
The extension, which brings Series B total funding to $16.8M, was led by TPG Alternative & Renewable Technologies Research (TPG ART).
The company plans to invest additional funds to launch its Asset Management Solution (targeted for April), to accelerate the product roadmap to fulfill its digital utility workforce vision, and to expand further into international markets—particularly in South America, Southeast Asia, India, China, and Japan.
Led by co-founder and CEO Haresh Patel, Mercatus is a cloud based software company that serves the needs of renewable energy developers and asset owners. The Mercatus Energy Investment Lifecycle Management (ILM) platform is an integrated software platform that automates the full asset investment lifecycle, from origination through end-of-life, enabling energy companies to grow their portfolio while lowering their risk profile. Customers are some of the largest energy companies that collectively leverage the energy ILM platform to manage over 100 GW of projects, across 75 countries, using 8 advanced energy technologies.