Tendril Networks, a US smart grid company backed by Germany-based industrial conglomerate Siemens’ corporate venturing unit, has raised $15.3m of a planned $20m round, according to a regulatory filing first seen by news provider BizJournals.
Although the seven investors are undisclosed, Ralf Schnell, chief executive of Siemens Venture Capital, the corporate venturing unit of the eponymous Germany-based industrial conglomerate, said it had reinvested.
Tendril’s board includes George Coelho, the head of Good Energies, a quasi-corporate venturing unit of the Brenninkmeijer family, and, by email, Coelho said: “Yes we did [reinvest] and the company [Tendril] looks good with a large backlog and near-term profitability.”
Adrian Tuck, Tendril chief executive, by email added: “As we see the business unfolding today, we don’t anticipate needing any more [venture] cash to fund operations, but we may still decide to take in more cash to fund additional growth.
“We see a market ripe…
