Smart Grid Startup Verdeeco Takes Aim at Big Data

Verdeeco, an Atlanta-based smart grid data analytics startup, today announced that it has closed $800 thousand in Series A funding to facilitate the growth and adoption of its cloud-based utility data solution.  The investment, led by the Atlanta Innovation Angels, included the Auburn Angel Network, based in Auburn, Alabama, and the Upper Carolina Angel Network, based in Greenville, South Carolina.  

"The Series A financing of Verdeeco is a wonderful success for Verdeeco, and as well for the Atlanta and Southeast early stage entrepreneur-investor community.  Starting with Verdeeco, a promising company which is seizing on a significant industry trend with leading edge research, coupling this with the ATDC's extraordinary start-up business accelerator program, securing a lead investor like the Atlanta Research Angels and furthermore winning the confidence of angel groups in Alabama and South Carolina, adds up to a great statement which confirms that the start-up eco-system in the Southeast is working," said Mike Eckert, Executive Chairman of the Atlanta Innovation Angels.  

"The industry recognizes the challenges that the petabytes of data from smart grid devices are bringing with them.  Some estimates show an increase in data volume of 600x from smart meters alone," said Musaddeq Khan, founder and CEO.  "Many utilities are struggling to simply manage and archive the data, much less to start putting it to use within their businesses-which, intentionally, creates moreover data."

The ground up on a secure cloud computing architecture

"There are many advantages to being built from the ground up on a secure cloud computing architecture," said Venki Ramachandran, Vice President of Engineering.  "However the main one is flexibility for the utility.  From scalability, targeted deployment options, and cost-effectiveness, our system can easily address their needs now and henceforth."

The Verdeeco solution allows utilities to pick and choose from a host of applications, and apply them to all, or a subset, of their network devices, including meters, transformers, and substations, all during only paying for what they use.

Investment group

Atlanta Innovation Angels is an investment group, founded in 1998, that invests in early-stage research companies based in Georgia. ATA is an active source of private capital and business experience for local innovation entrepreneurs.

Fundamental company data provided by Capital IQ. Historical chart data and daily updates provided by Commodity Systems, Inc.. International historical chart data, daily updates, fundAnalyst estimates data provided by Thomson Financial Network. All data povided by Thomson Financial Network is based solely upon innovation information provided by third party analysts. Yahoo! has not reviewed, and by no means whatsoever endorses the validity of such data. Yahoo! and ThomsonFN shall not be liable for any actions taken in reliance thereon.