Smart Grid Start-Up Grid2Home Closes Second Round of Funding
SAN DIEGO, CA--(Marketwire - March 8, 2011) - Grid2Home, developer of Smart Energy Profile 2.0 (SEP2) communication technologies, announced today that it has completed a second round of funding, led by Granite Ventures. The funding will enable the company to take their SEP-2 standards-compliant G2H-SE2 Software solution into production and scale to meet the demands of a growing customer base. In addition, the company announced that Gordon Lum has joined Grid2Home as Vice President of Engineering.
"Demand for SEP2 in the market is strong," said Sam Kingsland, Managing Director of Granite Ventures and member of the Grid2Home Board of Directors. "Grid2Home is seeing strong customer interest in their G2H-SE2 Software and we are pleased to help Grid2Home scale to meet that demand and continue to deliver innovative Smart Energy solutions."
Grid2Home's current and prospective customer base includes major semiconductor manufacturers and a broad base of device manufacturers including smart meter, thermostat, in-home display and appliance manufacturers, as well as automotive makers developing products that will be interoperable with the Smart Grid. Proceeds from this investment round will be used to take the G2H-SE2 Software solution to production with existing customers and to expand Grid2Home's business to additional customers in the Smart Energy space. In addition, Grid2Home will continue to be active in driving standards bodies that are defining the Smart Grid.
As an important step towards scaling the company to meet demand, Grid2Home has named Gordon Lum Vice President of Engineering. With over 23 years experience in the design, development, and deployment of all types of digital communications equipment, Mr. Lum will lead the company's engineering team with overall responsibility for taking the G2H-SE2 Software to production. Prior to joining Grid2Home, Mr. Lum founded and acted as Vice President of Engineering at TurboNet.
"With the continued support of our investors, the addition of key executives such as Gordon and our growing customer base, Grid2Home is strategically positioned as the leader in the SEP-2 space," stated Rick Kornfeld, CEO of Grid2Home.
Grid2Home is a communications software company at the forefront of Smart Grid connectivity technologies. Used across a range of devices such as smart meters, appliances and electric vehicles, the standards-compliant G2H-SE2 Software is portable across all major semiconductor platforms and physical layers including 802.15.4, 802.15.4g, 802.11 and Power Line Communications, allowing maximum product development flexibility and easy integration for Smart Grid device manufacturers. Active in driving Smart Energy Profile (SEP-2) communications standards for the Home Area Network (HAN), the Grid2Home management team and board of directors brings an unmatched combination of business savvy and communications protocol expertise to the fast-growing Smart Grid market. For more information see www.grid2home.com.
About Granite Ventures
Granite Ventures has been focused on helping early-stage technology companies achieve success since 1992, when the Granite team managed the early stage venture capital group within Hambrecht & Quist. Granite became an independent firm in 1998, and continues to leverage decades of investment and technology finance experience. The firm focuses on investments in sectors where their partners have deep domain expertise, broad industry knowledge, and significant investment experience. Granite has managed over $1 billion in venture capital and has invested in more than 90 private companies. They partner with promising and successful entrepreneurs to create businesses that have a competitive edge and achieve category leadership.