HydroPoint wins Series C from Citi |
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September 25, 2007 From North Bay Business Journal By Loralee Stevens HydroPoint Data Systems Inc., provider of smart water management systems, has won an additional multimillion Series C investment from giant financial services company Citi. The amount of the funding wasn't disclosed, but HydroPoint President and CEO Chris Spain said that the five-year-old company has raised $35 million, $19 million of it in the initial Series C round announced in January. "This is one of our largest investments, but the amount is dwarfed when compared to the size of the portfolio resources the Citi involvement brings us," he said. Joining the HydroPoint board will be Gisele Everett, a director of Sustainable Development Investments, a unit of Citi Alternative Investments. Citi has made a $50 billion commitment to addressing global warming, the largest such commitment yet made. "Citi will bring us to broad-scale municipal, state and federal mandates and Fortune 500 companies, which are already showing they value green initiatives that also affect the bottom line," said Mr. Spain. HydroPoint's customers include large real estate investment trusts and housing developers. Coca Cola is a corporate customer for the technology. Currently more than 15,000 of the company's WeatherTrak irrigation control systems are in use, pulling down a constant stream of satellite weather data and coordinating it with local moisture readings to determine when and how much water to apply to plants. The company currently employs 57 in its Petaluma facility. HydroPoint will add 5 to 15 employees as a result of the latest funding. Other investors include RockPoint Capital Partners, Chrysalix Energy Venture Capital, Firelake Strategic Technology Fund, Monitor Ventures and Shea Ventures. |
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