HYDROPOINT SECURES $11.9 MILLION IN VENTURE FUNDING |
| Petaluma, Calif., November 11, 2004 - HydroPoint Data Systems, Inc., the leading provider of smart irrigation management solutions, today announced that it has closed $11.9 million in first-round funding. The company’s investors include The Toro Company, Shea Ventures, a division of Shea Homes, Monitor Venture Partners, Firelake Strategic Technology Fund, Scenic Ventures and private individuals. The funding will accelerate HydroPoint’s nationwide rollout of WeatherTRAK irrigation management solutions for commercial and residential landscapes. Earlier this year, HydroPoint established a network of resellers to gain sales representation across the country. HydroPoint’s direct sales force and channel partners will roll out the company’s new products and services, which expand the proven WeatherTRAK solution with centralized online management and enhanced irrigation programming capabilities. “From day one HydroPoint and the WeatherTRAK solution made good business sense to us as investors,” said John Morrissey, Sr. Vice President of Shea Ventures and J.F. Shea Co., Inc. “WeatherTRAK is a proven, cost-effective solution that provides short- and long-term value for our new home customers and their communities. WeatherTRAK allows homeowners to maintain their landscapes with more efficient water use, and it also helps the larger community because it conserves water and limits the negative effects of over-watering, like erosion and runoff.” With WeatherTRAK, residential, commercial and professional customers gain a win, win, win solution that protects plant health, conserves water and also provides new business opportunities for the green industry. WeatherTRAK is the only irrigation management solution that continually adjusts irrigation based on real-time, weather-based evapotranspiration (ET) data. The solution includes the WeatherTRAK ET Everywhere service, which wirelessly broadcasts ET updates to WeatherTRAK controllers, automatically triggering adjustments to watering programs that have been customized for landscape-specific parameters such as plant, soil and sprinkler type. WeatherTRAK’s unique combination of accurate irrigation programming and real-time ET data ensures that plants always get the water they need, when they need it. Multi-year, independent field studies of WeatherTRAK by several national and regional organizations including the Cal/EPA, U.S. Bureau of Reclamation, Los Angeles Department of Water and Power and Municipal Water District of Orange County, among others, prove that WeatherTRAK can save as much as 59% of outdoor water and reduce harmful runoff by up to 71%, while reliably maintaining and even improving plant health. “WeatherTRAK provides customers with more beautiful and healthier landscapes, while it also conserves our precious water resources and protects local environments,” said Chris Spain, President and CEO of HydroPoint. “Environmental groups and water purveyors benefit from a proven water quality and conservation solution that provides sustainable results. At the same time, landscape professionals gain a solution that grows their businesses.” ABOUT HYDROPOINT DATA SYSTEMS, INC. HydroPoint and its partners provide WeatherTRAK irrigation management solutions for residential and commercial landscapes. The patented WeatherTRAK technology calculates customized irrigation schedules and then automatically adjusts irrigation as local weather changes. By using WeatherTRAK to apply the right amount of water at the right time, customers improve landscape health, conserve water, decrease water usage costs and protect the environment. WeatherTRAK is smart irrigation, made simple. Based in Petaluma, California, HydroPoint is privately owned and operated. For more information, please visit www.hydropoint.com. |
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