September 15, 2010 06:00 ET
Granite Ventures Leads Seed Funding for Smart Grid Start-Up Grid2Home
Serial Entrepreneurs Join Forces to Develop Standards-Compliant Software Platform Enabling Faster Time to Market for Smart Energy Products
SAN DIEGO, CA--(Marketwire - September 15, 2010) - Grid2Home, developer of Smart Energy G2H-SE2 Software, announced today that it has completed a round of seed funding, led by Granite Ventures. The funding will enable the company to customize the G2H-SE2 Software for multiple platforms and expand its business across the Smart Grid HAN ecosystem. In addition, the company announced that Doug Rasor has joined Grid2Home as Chairman of the Board of Directors, while Rick Kornfeld has joined as President and CEO.
"Granite Ventures invested in Grid2Home because they not only have a robust product that is necessary in the emerging Smart Grid market, but they have put together a management team with a track record of driving start-up companies to market success," said Sam Kingsland, Managing Director of Granite Ventures and member of the Grid2Home Board of Directors.
Founded in 2009 by co-founders Don Sturek and Mike Bourton, Grid2Home is a smart energy communications company developing Smart Energy 2.0 (SE2.0) compliant software for wired and wireless Smart Energy HAN networks. The G2H-SE2 Software, including communications protocol stack, application support layer, tools and reference applications enables two-way data communication across a range of devices including smart meters, smart household appliances and electric vehicles. Grid2Home also provides services and support to enhance and upgrade products to Smart Energy compliance. Customers include semiconductor manufacturers, smart appliance manufacturers and automotive companies.
"I am excited to be a part of Grid2Home," stated Doug Rasor, Chairman of the Grid2Home Board of Directors. "The G2H-SE2 Software is unlike any other in that it works with the full range of Smart Grid standards-based physical layers, semiconductor platforms and devices. This gives Grid2Home customers a competitive advantage when it comes to interoperability and time to market."
Grid2Home has expanded their team to include Doug Rasor and Rick Kornfeld, both long-time high tech entrepreneurs. Mr. Rasor comes to the Grid2Home team with over 20 years in the semiconductor business, most recently as Texas Instruments' VP of Worldwide Strategic Marketing where he has been responsible for spearheading TI's external venture fund activities. Mr. Kornfeld has held executive positions for some of the San Diego region's most notable technology companies including Qualcomm, Nextwave and Texas Instruments and has also served as CEO for start-ups Dot Wireless and Staccato Communications.
"The Smart Grid market is a fast growing and exciting technology market that is vital for our national economy and the environment worldwide," stated Mr. Kornfeld. "The Grid2Home team has demonstrated remarkable technical skill and market vision, and I look forward to leading them on to growth and success in the Smart Grid space."
Grid2Home is a communications software company at the forefront of Smart Grid connectivity technologies. Used across a range of devices such as smart meters, appliances and electric vehicles, the standards-compliant G2H-SE2 software is portable across all major semiconductor platforms and physical layers including 802.15.4, 802.15.4g, 802.11 and Power Line Communications, allowing maximum product development flexibility and easy integration for Smart Grid device manufacturers. Active in driving Smart Energy communications standards, the Grid2Home management team and board of directors brings an unmatched combination of business savvy and communications protocol expertise to the fast-growing Smart Grid market. For more information see www.grid2home.com.
About Granite Ventures
Granite Ventures has helped early-stage technology companies build solid foundations for success since 1992, when they began investing as the early stage venture capital group within Hambrecht & Quist. Granite became an independent firm in 1998, but continues to leverage decades of investment and technology experience to benefit and create value for their portfolio companies. The Firm focuses on investments in sectors where their partners have deep domain expertise, broad industry knowledge, and significant investment experience. Granite manages over $1 billion in venture capital and has invested in more than 90 private companies. They partner with promising and successful entrepreneurs to create businesses that have a competitive edge and achieve category leadership.