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.
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“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.”
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Canaccord Genuity was the exclusive financial advisor to Tendril in connection with this transaction.
Tendril provides data analytics on more than 123 million homes creates new business opportunities for any product or service provider connected to the home.
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™.
