Yellow&Blue Investment Management Leads Financing Round in Cuculus GmbH
Ilmenau, Germany - Cuculus GmbH today announces the completion of a €2.6 million financing round to fund the continued deployment of its smart technologies in the utility and telecom markets. The round was led by Yellow&Blue Investment Management, a Dutch-based clean energy investor. Additional investors are KfW along with existing investors High-Tech Gruenderfonds, SIEGMUND Beteiligungsgesellschaft and management.
Established in 2007, Cuculus helps utilities deliver Smart Metering by connecting electric, gas and water meters to a robust IT platform that can be integrated with utilities existing back-end systems. The Company has also developed the necessary infrastructure to support the management of home appliances ("Home Control") for utilities and Internet Service Providers (ISPs). Cuculus is managing projects for a number of German utilities and maintains a strong network of solution partners, developers and device manufacturers across Europe.
René Boeringer, Founder and CEO of Cuculus, commented, "We are delighted with the commitment from our new investors. The extra funding will enable us to further strengthen our position as a technology provider to utilities and ISPs and will mean an acceleration of our roll out plans in Germany."
Albert Fischer, Managing Director of Yellow&Blue Investment Management, said, "Cuculus has an impressive customer proposition and we are excited about the prospect of further expansion. Favourable market conditions, supportive legislation and early sales successes signal that now is the time to accelerate development. The Cuculus team is well positioned to capture Smart Metering and Home Control opportunities and we look forward to working with them."
Yellow&Blue's investment in Cuculus marks the firm's second grid-related investment after Locamation B.V., a substation automation company.
For further information:
Tavistock Communications
Matt Ridsdale
Tel: +44 (0)20 7920 3150