This morning, Control4, a leading provider of affordable, IP-based home control and entertainment systems, announced that the company had received $17.3 million in new funding to accelerate the company’s efforts in the AMI (Advanced Metering Infrastructure) category. As more and more homeowners and utility companies recognize the importance of real-time monitoring and management of energy usage, the support of new and existing investors is a proof-point to the group’s commitment to the AMI category.
This $17.3 million in funding comes from our investors, Best Buy Capital, Foundation Capital, Frazier Technology Ventures, Mercato Partners, Thomas Weisel Venture Partners, University Venture Fund and vSpring Capital.
As you may know, AMI is an advanced metering system that enables Smart Grid technology initiatives. AMI-enabled electric meters will allow utility companies to monitor electricity delivery to each customer, giving them the ability to power and control high-tech residential devices.
Control4, with their AMI efforts, is striving to bring easy and affordable solutions to the home that translate to real value for consumers. Control4 will integrate its products with ZigBee, a wireless standard for energy efficiency, to let customers manage power usage. This solution will allow homeowners to be in control of their energy usage as they are able to program their thermostat, lights, spa or pool, sprinklers and other connected devices. The in-home system can provide alerts so the user can remotely make changes. The end result: Homeowners save on their utility bills.
For complete funding details, please click here.