US-based grid infrastructure technology developer Gridco Systems raised $12m in funding yesterday in a round that included power transformer technology producer Maschinenfabrik Reinhausen (MR).
Venture capital firms General Catalyst, Lux Capital and North Bridge Venture Partners also took part in the round, investing alongside an undisclosed family office. It boosted Gridco’s overall funding to more than $54m.
Founded in 2010, Gridco manufactures agile grid infrastructure products that help utilities integrate renewable and distributed energy into their grid systems. Germany-headquartered MR will look to form synergistic partnerships with the company in the US and internationally.
Naimish Patel, chief executive of Gridco Systems, said: “This new funding will enable Gridco to expand the markets for our proven technology solutions in North America and Europe, while providing the capital to support continued commercial growth.”
Gridco raised $20.5m from investors including General Catalyst and North Bridge across two 2012 rounds, before the firms were joined by Lux Capital and RockPort Capital for a $10m round the following year. The four added $14m in mid-2014.