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Smart grid venture capital (VC) funding in the second quarter of this year (Q2'13) totaled $50 million in 10 deals. Except for one quarter, Q3'12, VC funding has been stuck in the $50-$70 million range with 9-12 deals for almost two years, according to a new report from Mercom Capital Group.

"Even though the number of deals were consistent compared to the last few quarters, this was one of the lowest-funding quarters in the last four years," notes Raj Prabhu, CEO of Mercom Capital Group.

The Top 5 deals were led by Enlighted, which raised $20 million in a Series C round. New investor RockPort Capital led the round and was joined by new investor DFJ JAIC. Existing investors Kleiner Perkins Caufield & Byers, Draper Fisher Jurvetson, and Intel Capital also participated in the round. 10147_mercom_1.pngC3 Energy raised $15 million. Optimum Energy raised $12.2 million in a round led by new investor Navitas Capital (backed by a venture capital advisory relationship with Johnson Controls); the round also included existing investor Columbia Pacific Capital Management. Ecolibrium Energy received $1.6 million from Infuse Ventures and International Finance Corp. Rounding out the Top 5 was Integrated Energy Management Solutions, which raised $1 million.


According to the report, home and building automation companies totaled the most deals in the sector ($33 million in five deals), followed by grid optimization companies ($17 million in three deals) and advanced metering infrastructure (AMI) and security companies with one deal each.

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The report says there were three mergers and acquisitions transactions in Q2’13. The lone disclosed transaction this quarter was Cisco’s acquisition of JouleX for $107 million. Last quarter, there were four transactions, of which only one was disclosed for $11 million.

More information about Mercom’s report is available here.





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