HydroPoint Gets Cash |
Water-management raises undisclosed sum from CitiSeptember 25, 2007From Greentech Media By Jennifer Kho Citi Backs Water Management HydroPoint Data Systems, a water-management company, said Tuesday it raised "a material investment" from Citi's Sustainable Development Investments. The company didn't release a ballpark figure, but said the funding was an add-on to the $19-million Series-B round HydroPoint raised in January. Investors in the first part of the round included RockPort Capital Partners and Chrysalix Energy Venture Capital. Citi, a large financial-services company, in May announced it would invest $50 billion over the next 10 years to address climate change. In a press statement, Gisele Everett, a director at Sustainable Development Investments, said Hydropoint is "a perfect example" of a company that can deliver both compelling financial gains and proven environmental benefits. The Petaluma-based company sells a water-management system, called WeatherTRAK, made up of irrigation controllers that use satellite data and weather-predicting software to help calculate the amount of water plants need. HydroPoint, founded in 2002, claims its system saves water - about 1 billion gallons this year - as well as money, and reduces water runoff. The system enables customers to manage the controllers from a central server, so they can decide which plants to water less in times of drought, and also could give water agencies the ability to manage water in times of high demand, CEO Chris Spain said earlier this year. |
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