Cuculus, a Developer of Smart Metering and Home Control Solutions, attracts new investors
February 12, 2010
Cuculus GmbH today announces the completion of a 2.6 million Euro financing round to fund the continued deployment of its smart technologies in the utility and telecom markets. The round was led by Yellow&Blue Investment Management, a Dutch-based clean energy investor. Additional investors are KfW along with existing investors High-Tech Gruenderfonds, Siegmund Beteiligungsgesellschaft and management.
Established in 2007, Cuculus helps utilities deliver Smart Metering by connecting electric, gas and water meters to a robust IT platform that can be integrated with utilities existing back-end systems. The Company has also developed the necessary infrastructure to support the management of home appliances (“Home Control”) for utilities and Internet Service Providers (ISPs). Cuculus is managing projects for a number of German utilities and maintains a strong network of solution partners, developers and device manufacturers across Europe.
René Boeringer, Founder and CEO of Cuculus, commented, “We are delighted with the commitment from our new investors. The extra funding will enable us to further strengthen our position as a technology provider to utilities and ISPs and will mean an acceleration of our roll out plans in Germany.”
Albert Fischer, Managing Director of Yellow&Blue Investment Management, said, “Cuculus has an impressive customer proposition and we are excited about the prospect of further expansion. Favourable market conditions, supportive legislation and early sales successes signal that now is the time to accelerate development. The Cuculus team is well positioned to capture Smart Metering and Home Control opportunities and we look forward to working with them.”
About Cuculus GmbH:
Cuculus provides utilities and ISPs with solutions for Smart Metering and in-home device management (“Home Control”). The company was spun out from Ilmenau University of Technology and IDEO Laboratories in 2007.
About Yellow&Blue Investment Management B.V.:
Yellow&Blue Investment Management is an independent venture capital firm specializing in development stage clean energy investments. Yellow&Blue was founded in 2008 by Nuon, a major energy company in the Netherlands.
About KfW Bankengruppe:
KfW finances and supports, among other things, business start-ups, small and medium-sized enterprises (SME) as well as investments in economic growth and employment projects in Germany. The ERP-Startfonds, administered and co-financed by KfW, offers equity financing for innovative, technology-based enterprises with excellent growth prospects. The fund finances research and product development as well as the launching of new products, procedures and services. Since 2004, the 470 million Euro ERP-Startfonds has allocated €300 million to emerging technology-based companies.
About High-Tech Gründerfonds:
High-Tech Gründerfonds invests venture capital into promising early-stage technology firms, helping to turn their Research & Development into commercial business models. With seed financing of up to 500.000 Euro, start-ups can be helped with R&D plans to create prototypes, “proof of concepts”, or a market launch. High-Tech Gründerfonds has about 272 mio. Euro funds under management. The investors in this public-private partnership are the “Bundesministerium für Wirtschaft und Technologie“ (German Ministry of Business and Technology), the KfW banking group, and six industrial corporations BASF, Deutsche Telekom, Siemens, Robert Bosch, Daimler and Carl Zeiss.
High-Tech Gründerfonds Management GmbH
Phone: +49 228 96568500
Fax: +49 228 96568550