Mercatus, a US-based developer of cloud analytics software for the management of energy assets, has raised $5.1m to close a series B round featuring analytics software provider Trepp, at $16.8m.
Private equity group TPG’s Alternative & Renewable Technologies Research division led the second tranche, having also participated in the $11.7m first tranche, which closed in February 2016.
Trepp, which supplies data, analytics and technology to the investment management industry, was an investor in the first close, as were Traverse Venture Partners, Vision Ridge Partners and Augment Ventures.
Mercatus has built a software suite called Mercatus Investment Lifecycle Management that helps utilities and other power producers manage their individual energy projects over the course of their operations.
The company will use part of the series B funding to beef up marketing and promotion of its Asset Management Solution software, which enables users to manage entire portfolios of energy plants, and which is slated for launch in April this year.
Additional capital will go to technology development and global expansion, with South America, Southeast Asia, India, China and Japan cited as priorities.
Mercatus had previously raised $3.7m in a 2014 series A round led by Trepp that included Vision Ridge Partners, Augment Ventures and Shah Capital.