Verdeeco, an Atlanta-based smart grid data analytics startup, announced that it has closed $800 thousand in Series A funding to facilitate the growth and adoption of its cloud-based utility data solution. The investment, led by the Atlanta Technology Angels (ATA), included the Auburn Angel Network, based in Auburn, Alabama, and the Upper Carolina Angel Network, based in Greenville, South Carolina.
Verdeeco, which is accelerating within the Georgia Tech Advanced Technology Development Center (ATDC), has been working with a focused group of utilities to help them aggregate and analyze data and apply the resulting intelligence to make better business decisions.
"The Series A financing of Verdeeco is a wonderful success for Verdeeco, and also for the Atlanta and Southeast early stage entrepreneur-investor community. Starting with Verdeeco, a promising company which is seizing on a significant industry trend with leading edge technology, coupling this with the ATDC's extraordinary start-up business accelerator program, securing a lead investor like the Atlanta Technology Angels and further winning the confidence of angel groups in Alabama and South Carolina, adds up to a great statement which confirms that the start-up eco-system in the Southeast is working," said Mike Eckert, Executive Chairman of the Atlanta Technology Angels.
Verdeeco's platform, which combines meter data with other utility data types like transformer stability, sub-station performance, transmission, SCADA, distribution automation and third party data like weather, applies big data technologies employed by players like Google, Facebook, and Twitter to the smart grid space.
"The industry recognizes the challenges that the petabytes of data from smart grid devices are bringing with them. Some estimates show an increase in data volume of 600x from smart meters alone," said Musaddeq Khan (MK), founder and CEO. "Many utilities are struggling to simply manage and archive the data, much less to start putting it to use within their businesses—which, by the way, creates even more data."
"There are many advantages to being built from the ground up on a secure cloud computing architecture," said Venki Ramachandran, Vice President of Engineering. "But the main one is flexibility for the utility. From scalability, targeted deployment options, and cost-effectiveness, our system can easily address their needs now and in the future."
The Verdeeco solution allows utilities to pick and choose from a host of applications, and apply them to all, or a subset, of their network devices, including meters, transformers, and substations, all while only paying for what they use.
The Series A investment brings an all-star board of directors to Verdeeco including Jim Stratigos, Virginia Persons and Mike Eckert.
Smart Grid startup Verdeeco takes aim at big data