HydroPoint Slurps Up $8M
Date: 04/14/2009
Company: HydroPoint Data Systems
Source: Red Herring
You’d think in these lean times water technology startups would have to beg for more venture funding. Because even when money came easy these companies only pulled in about 1 percent of all U.S. venture dollars.
But Petaluma, California-based HydroPoint is bucking that trend. Earlier this year, Chief Executive Paul Ciandrini told Red Herring that he had been approached by more than 30 venture capital firms interested in investing in his firm. Mr. Ciandrini now says that a deal was cut and that HydroPoint has secured an $8 million round of venture funding from unnamed institutional investors.
Mr. Ciandrini said the funding will be used to increase distribution, customer support and product enhancements.
HydroPoint’s main product is a technology called WeatherTRAK, which the company describes as a smart water management system. Mr. Ciandrini said that homes and businesses that use the system for their irrigation reduce their water consumption by more than 30 percent, reduce the time they spend maintaining their landscapes, and typically recoup their costs within two years.
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