Norwegian meter software start-up raises $5m
November 23, 2016
Norwegian smart meter software start-up Greenbird Integration Technology has closed a US$5m investment round led by Statkraft Ventures, with participation of ETF Partners.
Greenbird is a profitable and rapidly growing software vendor and IT integration specialist. The company says is the clear leader in its home market, having served utilities representing more than 80 per cent of the Norwegian market, and it is continuing to build its international customer base.
Its software-as-a-service (SaaS) offerings Metercloud.io and Ghostwriter enable utilities to implement flexible IT architectures quickly for modern smart meter operations.
“At Statkraft Ventures we are well aware of the software integration challenge utilities are facing as the grid is becoming increasingly intelligent,” said Matthias Dill (pictured left), managing director of Statkraft Ventures. “To capitalise on the smart grid opportunity, the IT systems need to adapt quickly. Greenbird provides exactly that flexibility and delivers it conveniently as a cloud service. Having proven its case in Norway, we see a big opportunity for Greenbird to further expand globally.
Smart meter software architectures are complex, yet they need to be integrated quickly and remain flexible and ever-evolving. Metercloud.io can be understood as an integration-as-a-service offering, which handles metering data and provides connectors to all the common smart meter software applications. New applications are therefore on-boarded within days rather than months. And the system evolves with changes in the industry, regulation or security requirements, and thereby future-proofs a utility’s systems without repeated integration efforts or dependency on a single software supplier.
“What convinced us about Greenbird was the vision and energy of its team,” said Arne Morteani (pictured right), partner at ETF Partners. “They identified a real need in the market and leading utilities have already adopted their Metercloud.io service. We are delighted to provide additional capital to enable Greenbird’s further growth.”
Headquartered in Oslo, Greenbird says it supports the transformation towards digital utilities by enabling advanced smart metering.
“Traditional system integration is not suitable for smart meter operations,” said Thorsten Heller (pictured centre), CEO at Greenbird. “What is needed is a brand new approach. Metercloud.io is a cloud-native integration platform that cuts integration times from six to twelve months to less than a month. More importantly, it creates a flexible, multi-vendor architecture that readily evolves as utilities seek to capture the more advanced benefits of smart meters. We are not competing with other software or big data vendors, but we are lowering the barriers for everyone in the ecosystem; we are truly making data fly.”