Tendril Receives Strategic Investment from Rubicon Technology Partners to Accelerate Growth
Investment Positions Tendril to Become the Clear Leader in Home
Energy Management
Tendril,
a leading provider of Home Energy Management (“HEM”) solutions to the
utility industry, has secured a majority investment from Rubicon
Technology Partners (“Rubicon”), a private equity firm specializing
in enterprise software companies. Morgan
Stanley Alternative Investments and ZOMA
Capital are joining Rubicon with minority investments. The funding
will be used to accelerate Tendril’s growth through technology
innovation, sales expansion and the pursuit of acquisition opportunities.
“We are seeing tremendous uptake of our HEM platform. In 2018, more
utilities chose Tendril than any other industry player,” said Adrian
Tuck, CEO, Tendril. “Receiving this investment is proof the industry
needs our technology and we are at the beginning of an explosive growth
period. Partnering with Rubicon allows us to continue to innovate and
expand our industry-leading platform, and support our customers for
years to come.”
Built over 10 years with more than $100 million in investment, Tendril’s
HEM platform is the industry’s most powerful software platform
spanning consumer engagement all the way through to revolutionary smart
home orchestration. It is proven to help utilities engage increasingly
discerning 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.
"With a mission-driven culture, world-class technology and passionate
customers, Tendril is ready to become the clear leader in the HEM
market,” said Steve Carpenter, Partner, Rubicon. “The company’s track
record of winning new customers and supporting some of the largest
utility programs in the country provides an excellent foundation for
growth, and this investment will allow Tendril to continue to distance
itself from competitors.”
Canaccord
Genuity was the exclusive financial advisor to Tendril in connection
with this transaction.
About Tendril
Tendril is changing the way the world uses energy. Our data analytics on
more than 123 million homes creates new business opportunities for any
product or service provider connected to the home. Today, this includes
electric and gas utilities, and energy retailers. Built over more than a
decade, the Tendril Platform delivers real-time, ever-evolving data
about the home and how people use energy in it. These rich insights help
our customers improve customer acquisition, increase engagement and
orchestrate home energy experiences. For more information, please visit www.tendrilinc.com
and follow us on Twitter at @Tendril.
About Rubicon Technology Partners
Rubicon Technology Partners invests in enterprise software companies
with proven products and talented management teams to help grow and
scale their businesses. Rubicon enables companies to adapt to the
changing requirements of their businesses as they grow and scale using a
proven set of proprietary processes, best practices and a portfolio-wide
engagement model called RTP Change Management™. With offices in Menlo
Park, CA and Stamford, CT, Rubicon has over $850 million in cumulative
capital commitments. For more information, please visit www.rubicontp.com.
About Morgan Stanley Alternative Investment Partners
Morgan Stanley Alternative Investment Partners, an investment team
within Morgan Stanley Investment Management, was established in 2000 and
specializes in delivering the full breadth of private markets solutions
to a global client base. Since inception and as of September 30, 2018,
the private markets team has invested over $15 billion in a variety of
multi-manager private markets strategies, including primary fund
investments, co-investments, secondaries, impact investment strategies,
and bespoke solutions.
About ZOMA Capital
ZOMA Capital is the investment arm of the family office of Ben and Lucy
Ana Walton, based in Colorado. ZOMA Capital invests in a broad range of
market-based sustainable solutions advancing energy, water, and regional
economic resiliency in Chile and Colorado. Its global investment
portfolio spans multiple asset classes and sectors with an emphasis on
addressing environmental and social challenges.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181204005187/en/
Copyright Business Wire 2018