Tracxn Research - Smart Grid Landscape, January 2017

Smart Grid Report – January 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.
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Smart Grid Report – January 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.3
Contents
Topic Page No.
Scope of Report 04
Entrepreneur Activity 07
Investment Trend 09
Who is Investing 18
Exit Outlook - IPO, Acquisitions 22
Sub Sector Analysis 26
Interesting Companies 42
Useful Links 49
Company List 52
Team 109

Sector Overview
Scope of report
Smart Grid scope includes companies providing smart and secured solutions for improving electricity grid. These companies include
Advanced Metering Infrastructure (AMI), T&D Management, utility services, data analytics and microgrid companies. Companies that
enable demand management and utilization of generated electricity at residential and commercial spaces are also included. Energy
Management Solutions and analytics solutions covering demand response, asset intelligence, energy intelligence, customer engagement
and forecasting are included in the scope.
Power and distribution giants like General Electric, Schneider Electric and Siemens are excluded from the scope, however, large
companies that have strong presence mainly into the smart grid like Eaton, Elster, Itron are included.
The scope of this report includes equity as well as debt funding received by the companies.
Business Model Description
Horizontal Companies working in more than one business model across the smart grid value chain.
Advanced Metering
Infrastructure
Advanced metering infrastructure (AMI) is an integrated system of smart meters, communications networks, and data
management systems that enables two-way communication between utilities and customers.
Load Management
Companies which help in reducing the consumption of electricity in accordance with demand during peak hours and
pricing by installation of battery storage or renewable energy in residential or commercial places
Transmission &
Distribution Automation
Distribution and Transmission automation solutions which enable the smart layer.
Utility Services
Networking platforms, Cyber security, Energy management solutions and analytics providers used by Utilities to control
the grid.
Disclaimer: The information and data in the report is based on global developments tracked in the sector till December 16, 2016. This is to categorically state that any events
and relevant developments after the said date will not reflect in the report.

Evolution of Smart Grid
Most of the grids across the globe were facing ageing infrastructure with no innovation and upgrades till 1990. Electricity
became the most important part of human life and any sudden failure in the grid can create chaos. After 9/11 attacks, Utilities
are concerned about the security involved and thought of improving the grid infrastructure. With the advent of
communications, networking technologies and IIoT, grids started getting connected with more information.
1. Analog meters
2. Isolated Grids
Till
1990
Analog meters
Isolated Grids
1. Analog meters
2. Isolated Grids
1. Analog meters
2. Isolated Grids
1. Analog meters
2. Isolated Grids
1990
-
2000
2000
-
2010
2010
-
2016
Utility Technology
Provider T&D
Automation
Connected Grids
Networks Digital
Meters
Meter Data
Management New
Widen Networks
Communication
Systems Demand
Response Micro grids
Smart meters Data
and Statistical analysis
Big Data Analytics
Integration of
Renewable Energy
Automated
Controls Sensors
Thermostats

Scope of Report
Entrepreneur Activity
Investment Trend
Who is Investing
Exit Outlook - IPO, Acquisitions
Sub Sector Analysis
Interesting Companies
Useful Links
Company List
Team
6

29
25
20
30
29
26
5
0
7
14
21
28
35
2010 2011 2012 2013 2014 2015 2016
NumberofCompanies
7
YoY – Number of companies founded
Gridco Systems FirstFuel Energyworx Origami Energy Smart Wires Vutiliti Iteros
Autogrid Powerhive Metry Advanced Microgrid Solutions PingThings SmartMeter2go SMAP energy

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
8

YoY – Number of Rounds and Total Funding
Note: The funding includes debt rounds also.
$459M
$346M
$550M
$267M
$317M
$234M
$266M
$406M
$232M
28
26
45
53
60
52
58
62
57
0
14
28
42
56
70
0
120
240
360
480
600
2008 2009 2010 2011 2012 2013 2014 2015 2016
NumberofRounds
FundingAmount(inMillions)
Funding Amount Number of Rounds

YoY – Number of Rounds by Stage
15
14 13
19
13 12
25
29
24
25
24 26
5
6
7
7
15 10
0
12
24
36
48
60
2011 2012 2013 2014 2015 2016
NumberofRounds
Seed Early Late

YoY – Funding by Stage
$11M $6M $6M $12M $6M $4M
$133M $157M $144M
$166M
$133M
$120M
$49M
$66M
$54M
$52M
$246M
$98M
0
90
180
270
360
450
2011 2012 2013 2014 2015 2016
TotalFundingAmount(inMillions)
Seed Early Late

Average Ticket Size – Early Stage
$0.8M
$0.5M $0.6M
$1.0M $0.8M
$0.4M
$4.7M
$5.1M
$4.8M
$4.4M
$7.3M
$9.0M
$9.6M
$7.2M
$9.3M
$12.5M
$11.8M
$5.3M
0.0
2.8
5.6
8.4
11.2
14.0
2011 2012 2013 2014 2015 2016
FundingAmount(inMillions)
Seed Series A Series B

Top investments in last one year
Company
Funding
Amount
Round
Name
Date Investors
younicos.com
Younicos
(Berlin, 2006)
$50M PE Dec-2015 First Solar, GRUPOECOS
stem.com
Stem
(Millbrae, 2009)
$23M Series C May-2016 Mithril
auto-grid.com
Autogrid
(Redwood City, 2010)
$20M Series C May-2016 Energy Impact Partners, Envision Ventures, Envision Energy, E.on
powerhive.com
Powerhive
(Berkeley, 2011)
$20M Series A Jan-2016 Prelude Ventures, Caterpillar, Tao Capital Partners, piinvest.com
mprest.com
mPrest
(Petah Tikva, 2003)
$20M Series A Jan-2016 GE Ventures, OurCrowd
smartwires.com
Smart Wires
(San Francisco, 2014)
$20M Series D Jan-2016 Undisclosed
origamienergy.com
Origami Energy
(Cambridge, 2013)
$20M Series A Apr-2016 Cambridge Innovation Capital, Octopus Ventures
energysavvy.com
EnergySavvy
(Seattle, 2008)
$14M Series D Oct-2016 GXP Investments, Inherent Group, Prelude Ventures, EnerTech Capital

Company
Funding
Amount
Round
Name
Date Investors
spacetimeinsight.com
Space-Time Insight
(San Mateo, 2008)
$13M Series D Sep-2016 Undisclosed
gridcosystems.com
Gridco Systems
(Woburn, 2010)
$12M Series B Oct-2016 General Catalyst Partners, Lux Capital, North Bridge Venture Partners, Reinhausen
texzontechnologies.com
Texzon Technologies
(Dallas, 2013)
$9M Series A Nov-2016 Undisclosed
viridityenergy.com
Viridity Energy
(Philadelphia, 2008)
$9M Series D May-2016 AltEnergy
geli.net
Geli
$8M Series A Apr-2016 Shell Global
calicoenergy.com
Calico Energy
(Kirkland, 2004)
$7M Series B Dec-2015 Undisclosed
tempusenergy.com
Tempus Energy
(Worcester, 2013)
$6M Series A Dec-2015 Undisclosed
greenbird.com
Greenbird
(Oslo, 2010)
$5M Series A Nov-2016 Statkraft Ventures, ETF Partners

Company
Funding
Amount
Round
Name
Date Investors
vizimax.com
Vizimax
(Longueuil, 1988)
$4M Series B Jun-2016 Undisclosed
goelectricinc.com
Go Electric
(Anderson, 2011)
$4M Series A Jan-2016 GXP Investments, Elevate Ventures, Clean Energy Trust
geli.net
Geli
$3M Series A Jul-2016 Southern Cross Venture Partners
ecurv.com
eCurv
(Cambridge, 2011)
$3M Series B Sep-2016 Undisclosed
tangentenergy.com
Tangent Energy
(Kennett Square, 2009)
$3M
Convertible
Debt
Sep-2016 Undisclosed
trovedata.com
Trove
(Buffalo, 2010)
$2M Series A Dec-2015 Ecova
urjanet.com
Urjanet
(Atlanta, 2010)
$2M Series B Jul-2016 Undisclosed
energyworx.com
Energyworx
(Amsterdam, 2012)
$1M Series A Jul-2016 henQ

Funnel view of Sector
Percent of
Previous
59%
64%
51%
80
43
78
154
240
404
0 90 180 270 360 450
M&A & IPO
Late
Series B
Series A
Funded
Founded
Number of Companies

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
17

Most Active Investors in Sector
8
7
6 6
5 5 5 5
4 4
0
2
4
5
7
9
EnerTech
Capital
Nth Power Climate-KIC GE Ventures Foundation
Capital
Goldman
Sachs
Intel
Capital
RockPort
Capital
Braemar
Energy Ventures
Constellation
Technology
Ventures
TotalNumberofRounds
Current Group BPLGlobal Wattstrat Tendril
Silver Spring
Networks
GridPoint Viridity Energy Gridco Systems Viridity Energy Stem
Space-Time Insight Nexant Upside Energy Stem eMeter Current Group Nexant FirstFuel Grid Net Consert

Where are Top Investors investing

Top Investor by Stage of Entry

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
21

Top IPOs in last three years
IPO Date Company Overview
Funding
Amount
Mcap at IPO
Exch:Ticker
Mar-2014 opower.com
Opower
(Arlington, 2007)
Customer engagement platform, Demand response management and Home energy
management
Accel Partners, NEA, Founder Collective, KPCB, MHS Capital, Wing Venture Capital,
Akkadian Ventures
$65.5M NYSE:OPWR

Major Acquisitions in last one year

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
25

December 2016Tracxn BlueBox : Smart Grid
404 companies in the sector, 240 funded, $647M invested in 2015-16 (YTD)

Top Business Models by Funding
$1.8B
$823M
$489M
$302M
$233M
0
400
800
1200
1600
2000
Utility Services Horizontal Advanced Metering Infrastructure Transmission & Distribution
Automation
Load Management
TotalFundingAmount(inMillions)
Avg. Age Aug-06 Jan-73 Aug-01 Jan-00 Jul-10
# Cos. 220 22 115 33 8
GridPoint Silver Spring Networks Arcadian Networks Smart Wires Ice Energy
Trilliant Landis+Gyr eMeter Gridco Systems Green Charge

Utility Services – Business Model Description

Utility Services – Entrepreneur Activity and
Investment Trend

Utility Services – Most Funded Companies

Horizontal – Business Model Description &
Entrepreneur Activity and Investment Trend

Horizontal – Most Funded Companies

Advanced Metering Infrastructure – Business
Model Description

Advanced Metering Infrastructure – Entrepreneur
Activity and Investment Trend

Advanced Metering Infrastructure – Most Funded
Companies

Transmission & Distribution Automation –
Business Model Description

Transmission & Distribution Automation –
Entrepreneur Activity and Investment Trend

Transmission & Distribution Automation – Most
Funded Companies

Load Management – Business Model Description
and Entrepreneur Activity

Load Management – Most Funded Companies

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
41

Interesting Unfunded and Seed Companies
Curated list of companies by the sector analyst are defined as Interesting
Company Overview Business Model
Total
Funding
pingthings.io
PingThings
(2014, El Segundo)
Predictive analytics for managing assets in utility industry
GE, Double M Partners, Frost Data Capital, GE Ventures
Utility Services > Energy
Management Solutions >
Utility-End > Asset Intelligence
$2.4M
egm.net
Electrical Grid
Monitoring
(2012, Rosh Haayin)
Complete monitoring of transmission and distribution lines Transmission & Distribution
Automation > Suite Solutions
gridsense.ch
GridSense
(2014, Zurich)
Load management for consumers using electricity price changes, weather
forecasts etc. Load Management
quenext.com
Quenext
(2016, Mumbai)
AI enabled utility management solutions.
Utility Services > Network
Operations Platform > Suite
Solutions
geovas.com
Geovas
(2008, Gurgaon)
Smart meter product and vehicle asset tracking solution
Advanced Metering
Infrastructure > Smart Meters
> Finished Products
Senfal
(2015, Utrecht)
Electricity prices forecasting
Anode
Load Management

Interesting Unfunded and Seed Companies

Interesting Series A Companies

Interesting Series B Companies

Interesting Late Stage Companies

Top Funded Deadpooled Companies

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
48

Useful Links
Slide Title Content Platform Link
List of All Companies in readable format Companies Link
Top investments in last one year Investment Trend Link
Major Acquisitions in last one year Exit Outlook - IPO, Acquisitions Link
Horizontal – Most Funded Companies Sub Sector Understand Link
Advanced Metering Infrastructure – Most Funded companies Sub Sector Understand Link
Demand Side Management – Most Funded Companies Sub Sector Understand Link
T&D Automation – Most Funded Companies Sub Sector Understand Link
Utility Services – Most Funded companies Sub Sector Understand Link
Data Analytics – Most Funded companies Sub Sector Understand Link

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
51

Smart Grid – Company List
Utility Services Horizontal
Advanced Metering
Infrastructure
Transmission &
Load Management
240 FUNDED COMPANIES AND 164 UNFUNDED COMPANIES
COVERS THE FOLLOWING SECTORS

Utility Services (1/31)
Company Overview Business Model Total Funding
N-Dimesion
(2002, Richmond Hill)
Cyber-security protection for critical infrastructure assets
EnerTech Capital, EDC, BEST Funds Cyber Security $7.35M
Referentia Systems
(1996, Honolulu)
Cyber Security solutions for smart grid
Cyber Security
TLC Secure
(2011, Sunnyvale)
Security for smart grid
Cyber Security
Tendril
(2004, Boulder)
Energy Intelligence and home energy management solutions
Siemens, RRE Ventures, VantagePoint Capital Partners, Vista Ventures,
Appian Ventures, Good Energies Investments, HTGC, Access Venture
Partners, GE Capital, In-Q-Tel, SunPower, GE Ventures, TIAA
Energy Management
Solutions > Customer-End
$115M
FirstFuel
(2011, Lexington)
Energy use intelligence
Next World Capital, Battery Ventures, Vast Ventures, Nth Power,
RockPort Capital, E.on, Electranova Capital, Idinvest Partners
Energy Management
$45M
Intelen
(2011, Brooklyn)
Building Energy Analytics and Engagement
Energy Management
$1.81M
SimpTek Technologies
(2014, Fredericton)
Energy intelligence for homes
New Brunswick Innovation Foundation
Energy Management
$700k
BEN Energy
(2011, Zurich)
Customer engagement platform for utilities
Energy Management
Go to BM List >> Horizontal

Awaju
(2012, Potsdam)
Customer engagement software for utilities
Energy Management
Greenely
(2014, Stockholm)
Energy comparison with neighbors by analytics
Swedish Energy Agency
Energy Management
EnergySavvy
(2008, Seattle)
Engagement platform between customer and utility, Home energy
management
EnerTech Capital, Pivotal Investments Fund, Summit Capital, Pinnacle
West, Element 8, Prelude Ventures, GXP Investments, Inherent Group
Energy Management
Solutions > Customer-End >
Demand Side Management
Enablers
$27.25M
Lime Energy
(1997, Newark)
Customer relationship software for utilities
Bison Capital Asset Management
Energy Management
Enablers
$10M
Simple Energy
(2011, Boulder)
Customer engagement platform for energy savings
Techstars, Green Tree Equity, Five Mill Ventures, Westly Group, Vision
Ridge Partners, Valero Capital
Energy Management
Enablers
$9M
Clean Power Research
(1997, Napa)
Customer engagement programs for utility industry and online
software to assess the usability of rooftop solar
Energy Management
Enablers
DR2 Solutions
(2012, Williamstown)
Customer engagement and marketing software for utilities Energy Management
Enablers

Pulse Energy
(2007, Vancouver)
Customer engagement platform Energy Management
Enablers
WattzOn
(2008, Mountain View)
Analytics for energy savings and engagement
Abundance Partners
Energy Management
Enablers
SmartGrid Connect
(2011, )
Engagement platform between utility and customers Energy Management
Enablers
Agentis Energy
(2009, Chicago)
Customer engagement data analytics for utilities
Clean Energy Trust
Energy Management
Enablers
Consert
(2008, San Antonio)
Energy Intelligence for smart grid
Qualcomm Ventures, GE Energy Financial Services, The Verizon
Foundation, Constellation Technology Ventures
Energy Management
Energy Intelligence
$25M
Retroficiency
(2009, Boston)
Data analytics for C&I customers
Point Judith Capital, World Energy Solutions
Energy Management
Energy Intelligence
$7M
Greenbird
(2010, Oslo)
Open source middle ware for integration of data from various devices
Statkraft Ventures, ETF Partners
Energy Management
Energy Intelligence
$5M

Horizontal (1/3)
Silver Spring Networks
(2002, Redwood City)
Connectivity platform and network provider for communications
between utility and customer, smart meters and communication nodes
EMC, KPCB, GV, GSV Capital, DAG Ventures, Foundation Capital, Saints
Capital, ARTIS Ventures, Cross Creek Advisors, EEI Nat'l Key Accts,
Hitachi, Juvo Capital, Northgate, Peterson Partners
$282M
Landis+Gyr
(1896, Zug)
Smart Meters and communication provider : End to end energy
management solutions
Dubai International Capital, Propel Investments, aPriori Capital Partners
$265M
Current Group
(2000, )
Complete solution for smart grid
Google, Goldman Sachs, EnerTech Capital, ES Ventures, Hearst
Communications
$113M
BPLGlobal
(2004, Sewickley)
Distribution automation solutions
Morgan Stanley, IFC, Innovation Works, Novitas Capital, Saic, Telkonet,
Nth Power, Ventures West Capital, GIV Management, Siemens Financial
Services
$98M
Encorp
(1992, Holcombe)
Demand response and smart communications systems
Siemens, Rustic Canyon Partners, Nth Power, Ballentine Partners, Arete
Corporation, Perseus, Wexford Capital, Enstar Group, PacifiCorp, Craig
Drill Capital
$53M
Kalki Communication
Technologies
(1998, Bangalore)
Offers smart-grid solutions to optimize energy generation
IFC, Global Environment Fund $11.5M
Alektrona
(2004, Providence)
End to End solutions for smart grid
Slater Technology Fund $450k
Utility Services << Go to BM List >>
Advanced Metering
Infrastructure

Horizontal (2/3)
Advanced Metering
Infrastructure

Horizontal (3/3)
Advanced Metering
Infrastructure

Advanced Metering Infrastructure (1/15)
Arcadian Networks
(2006, Valhalla)
communication systems for energy sector
Goldman Sachs Communication systems $90M
SmartSynch
(1998, Jackson)
communication systems for smart grids
Credit Suisse, J.P. Morgan, Siemens Venture Capital, Kinetic Ventures,
Nth Power, Innovation Valley Partners, Battelle Ventures, Emerald
Technology Ventures, Southern Farm Bureau Life Insurance, Endeavor
Capital Management, Lake Street Capital, OPG Power Ventures Plc,
Lime Rock Partners, Trilogy Equity Partners
Communication systems $65M
Eka Systems
(2000, Germantown)
Smart grid networking
Flybridge Capital Partners, RockPort Capital, Westly Group, Angeleno
Group, The Illinois Metropolitan Investment Fund
Mobix Wireless Solutions
(2004, Givat Shmuel)
Hybrid RF and PLC based communication systems
Tamir Fishman, The Russian venture company, RVC USA Communication systems $6M
Kerlink
(2004, Bretagne)
M2M communication equipments for connecting objects
Bretagne Jeunes Entreprises, Societe Financiere Lorient
Developpementis, Sodero Gestion, CM-CIC Investissement
Communication systems $5.78M
Ambient Corp
(1996, Newton)
Communication, nodes and platform
Nexgrid
(2009, Fredericksburg)
Communication network systems for smart grid applications
Harris Williams Communication systems $2.07M
Horizontal << Go to BM List >>
Transmission &
Distribution
Automation

Transmission &
Distribution
Automation

Transmission & Distribution Automation (1/5)
Texzon Technologies
(2013, Dallas)
Ring Power Multiplier (RPM) technology, Zenneck surface wave which
can transfer electricity to long distances wirelessly $8.92M
Networked Power
(2014, Menlo Park)
Distribution Automation solutions
Sentient Energy
(2009, Burlingame)
Line sensors for networks
Foundation Capital
Distribution Automation >
Distribution Grid
Management
$22.5M
GRIDiant Corporation
(2000, Los Altos)
A Utility analytics company Distribution Automation >
Distribution Grid
Management
$8k
Metrum Sweden
(2004, Gothenburg)
Offers hardware for utilities and analytics software
Almi Invest, K
Distribution Grid
Management
Awesense
(2009, Vancouver)
Grid monitoring technology Distribution Automation >
Distribution Grid
Management
Sensei Solutions
(2008, Holly Ridge)
Substation automation solutions Distribution Automation >
Distribution Grid
Management > Substation
Management
$300K
Nortech Management
(2015, Eckington)
Asset Management for utilities
UK Government
Distribution Grid
Management > Substation
Management
Advanced
Metering
Infrastructure
<< Go to BM List >> Load Management

Advanced
Metering
Infrastructure

Load Management
Transmission &
Distribution
Automation
<< Go to BM List

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
108

Team
Sai Krishna
Senior Analyst – Energy
Abhyudai Gupta
Lead Analyst – Energy

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Tracxn Research - Smart Grid Landscape, January 2017

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