Cuculus Closes Financing Round
Ilmenau, Germany - (BUSINESS WIRE) - Cuculus GmbH, developer of smart metering and home control solutions, announces the completion of a strategic financing round. The funds will be used to gain market share and establish international presence as well as to further product developments. Existing shareholders will now be joined by T-Venture, the Venture Capital Company of Deutsche Telecom. In February 2010, Yellow&Blue Clean Energy Investments joined KfW, High-Tech Gründerfonds, SIEGMUND Beteiligungsgesellschaft and the Company‟s management team investing €2.6 million.
Founded in 2007, Cuculus helps utilities deliver "Smart Metering" by connecting electric, gas and water meters to a technology platform that can be integrated with existing systems. The Company also offers "Home Control" services which provide a technological infrastructure allowing home appliances and Internet Service Providers (ISPs) to be effectively managed. Cuculus manages projects for a number of German utilities and maintains a strong network of partners, developers and device manufacturers across Europe.
Kjartan V. Skaugvoll, Cuculus CEO, commented: "We are delighted to have closed this financing round, and that T-Venture has decided to invest in our Company. The aim of this round was twofold: to create a solid financial base for our further expansion and to get a strategic shareholder on board. We are now well positioned for further growth and to help our customers deploy smart metering and smart home services."
Thomas Claus, Investment Manager at T-Venture said: "We are pleased to be involved with such a forward-thinking and ambitious company. Cuculus has an attractive customer proposition and an impressive track record of growth to date. We are looking forward to working with them and helping to realize their plans for future expansion."
For further information:
http://www.cuculus.net/drupal/en | http://www.t-venture.de/en/homepage/index.html
Notes to editors:
About Cuculus
Cuculus helps utilities deliver Smart Metering by connecting electric, gas and water meters to ZONOS, a robust IT platform that can be integrated with utilities existing back-end systems. The Company has also developed the infrastructure and products required to support the management of home appliances ("Home Control") for utilities and Internet Service Providers (ISPs). The ZONOS platform is open and vendor independent thus making it possible to work with the meters and communication structure of choice. The system is scalable and can be implemented as a managed service or running in a company's system environment. This creates the opportunity for simple and cost effective to roll out of services. The integration of smart metering and home control furthermore provides opportunities for demand management and other advanced services. The Company was spun out from Ilmenau University of Technology and IDEO Laboratories GmbH in 2007.
About T-Venture
T-Venture Holding GmbH is one of the most important corporate venture capital companies in the world. Founded in 1997 as a wholly owned subsidiary of Deutsche Telekom AG, it has since then invested in young companies that demonstrate economic and technological synergies with the Deutsche Telekom business units as well as above-average growth potential. Its head office is in Bonn. It is supported and complemented in its activities by T-Venture of America, Inc. in Foster City, Silicon Valley, and in Seattle. Investment activities focus on Europe, the United States and Asia. T-Venture currently manages the T-Mobile Venture Fund, the Connected Life and Work Fund, the T-Home Venture Fund, the T-Systems Venture Fund and the T-Corporate Venture Fund. Further information is available at: www.t-venture.de.
Contacts:
Cuculus
Kjartan V. Skaugvoll, CEO
+31 629588410
or
T-Venture Holding GmbH
Sabine Kohl
+49 (0) 228 308 48 0
t-venture@telekom.de
or
Tavistock Communications
Matt Ridsdale / Sonya Williams +44 (0)20 7920 3150
mridsdale@tavistock.co.uk