HYDROPOINT RECEIVES $5 MILLION IN VENTURE FUNDING |
Funding to Expand Sales, Marketing and Product InitiativesPetaluma, Calif. - Nov 1, 2005 - HydroPoint Data Systems, Inc., provider of proven WeatherTRAKŪ weather-based irrigation management systems, today announced that it has received $5 million in venture funding. The company's Series B funding was led by Monitor Ventures with additional notable Series B investors including The Toro Company; Shea Ventures, a division of Shea Homes; Firelake Strategic Technology Fund and Scenic Ventures.“We are delighted to have venture capitalists of this caliber and vision support us in executing our long-term strategy,” said Chris Spain, president and CEO of HydroPoint. “By partnering with leaders in the irrigation and building industries, we’ve firmly established WeatherTRAK as the proven standard in weather-based irrigation management.” The funding will support HydroPoint’s sales and marketing initiatives as well as the upcoming launch of its next-generation commercial landscape irrigation management product. Coined WeatherTRAK “CMC” for commercial modular controller, the product meets market demand for a commercial-grade WeatherTRAK controller that combines flexible modularity with the power of central control systems. WeatherTRAK cus tomers will benefit from capabilities such as remote Internet management and advanced plant care features without the cost and complexity typical of central control systems. Under the leadership of Senior Vice President of Sales and Services Ben Slick, HydroPoint’s sales force, field product specialists and distribution partners will introduce WeatherTRAK CMC and the full range of money-saving WeatherTRAK-enabled products to a fast-growing cus tomer base. With its WeatherTRAK-enabled products, now also available through The Toro Company and Irritrol Systems, HydroPoint combines science and service to maximize water savings and landscape health. “Market trend analysis reveals that the growing demand for water is fueling widespread adoption of weather-based irrigation management systems that sustain limited water supplies. We’ve identified WeatherTRAK as the proven leader in the category,” said Teymour Boutros-Ghali, co-founder and Managing Partner, Monitor Ventures. “We envision WeatherTRAK controllers installed in every landscape, eliminating costly, harmful over-watering. That’s the vision for WeatherTRAK, and we’re pleased to partner with HydroPoint in making it the reality.” Widely recognized for innovation, HydroPoint is teaming up with green industry leaders to achieve ever higher standards for water conservation and product usability. Among HydroPoint’s firsts is WeatherTRAK ET Everywhere™, a patented service that wirelessly transmits weather-based, evapotranspiration updates to WeatherTRAK controllers each day. The updates trigger adjustments to the irrigation schedules created by built-in WeatherTRAK Scheduling Engine™ software. All WeatherTRAK-enabled controllers also include proactive cus tomer service for contractors and end users. Unique in the industry, WeatherTRAK Cus tomer Service reaches out to cus tomers throughout the year to ensure that WeatherTRAK controllers are performing optimally. Multi-year studies by the Cal/EPA, U.S. Bureau of Reclamation and additional agencies have documented water savings of up to 59 percent and runoff pollution reduction of up to 71 percent – unequivocally validating WeatherTRAK’s service focus. “We are ushering our cus tomers into the era of smart irrigation management, made simple,” said Mr. Spain. “By making water management environmentally and fiscally sustainable, WeatherTRAK makes clear winners out of the environment and industry.” ABOUT HYDROPOINT DATA SYSTEMS, INC. HydroPoint and its partners provide WeatherTRAK weather-based irrigation management for residential and commercial landscapes. The proven WeatherTRAK system calculates customized irrigation schedules and then automatically adjusts irrigation as local weather changes. By automating the application of the right amount of water at the right time, WeatherTRAK improves landscape health, reduces water bills and protects 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. ABOUT MONITOR VENTURES Founded in 2002, Monitor Ventures is an early-stage venture capital firm that partners with exceptional entrepreneurs to commercialize technology into world-class products and services from the ground up. The firm leverages the investment, operating and entrepreneurial experience of its partners with its privileged access to the resources of the Monitor Group to accelerate portfolio companies’ path to customers, capital and profitability. |
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