Tendril, a Boulder, Colo.-based provider of Home Energy Management solutions to the utility industry, secured a majority investment from Rubicon Technology Partners.
The amount of the deal was not disclosed. Morgan Stanley Alternative Investments and Zoma Capital joined with minority investments.
The company intends to use the funds to accelerate growth through technology innovation, sales expansion and the pursuit of acquisition opportunities.
Led by Adrian Tuck, CEO, Tendril provides a Home Energy Management platform for electric and gas utilities to engage customers, activate them to purchase energy-related products and services, and orchestrate energy usage through devices like smart thermostats and smart speakers. The Tendril Platform contains advanced analytics on more than 123 million homes and is used to execute Behavioral Energy Efficiency (BEE), Customer Engagement, and Demand Management programs by the largest utilities in the world, including 5 of the top 10 in the United States – American Electric Power (AEP), Consolidated Edison (ConEd), Duke Energy, Public Service Enterprise Group (PSEG) and Xcel Energy.