Tendril Acquires GroundedPower
(October 19, 2009) GroundedPower, the behavioral energy efficiency startup created with and staffed by ITP alumni, has just been acquired by venture capital-backed Tendril Inc. of Boulder, Colorado. Tendril is a leading energy management technology provider that supplies energy software, hardware and services to both consumers and utility companies.
The GroundedPower team currently features four ITP alumni: Mike Bukhin (’07), VP of Engineering; Rob Faludi (’07), Director of Networking and Interactive Systems; Demetrie Tyler (’07) Director, Product Design; and Terence Arjo (’07) Director, Industrial Design. The company was founded in 2008 by Jeff LeBlanc (’07) with Dr. Paul Cole as a spinoff from LeBlanc’s thesis “Wireless Power Monitoring.” GroundedPower’s interactive customer engagement system including the innovative GLANCE ambient display is currently rolled out to 750 homes by eight different public power utilities and several energy management agencies.
Bukhin, Faludi, Tyler and Arjo will be continuing their work for Tendril as the company incorporates GroundedPower customer engagement technologies into their energy management platforms. Simultaneous with the acquisition, Tendril announced that it raised a new round of $23 million in funding, bringing Tendril’s total funds raised to $73 million.
Full Press Release and CEO videos: http://www.tendrilinc.com/groundedpower