Intelen, the leading Greek start-up in Web 2.0 smart grid applications, announced today that it has closed a Seed Round of $250.000, by Greek Angel Investors, coming from the Construction, Energy and IT market. The start-up company, which has already world class recognitions (Red Herring Europe & Global winners 2010, Silicon Valley Launch 2011, etc) and was finalist for the top-100 emerging start-ups (Guidewire), will use much of the funding to promote and put the services and products in the market, targeting medium and large business customers (commercial & industrial). The services include Web 2.0 energy efficiency programs, energy analytics and close real-time metering and Meter Data Management 2.0 services with Demand response over social nets and game mechanics.
The funding will also enable Intelen to improve the current state of Web 2.0 smart metering and energy analytics technologies (IPv6 AMRs, Web 2.0 DR/DSM, gamification and energy social networks, stream energy mining, behind-the-meter intelligence, advanced Auto-DR,etc), research and develop new ones, reinforce and upgrade its IP portfolio as well as positioning the company for continued growth and future investment in Europe, Middle-East and US.
In conjunction with the launch of its corporate offering and services, Intelen will also be partnering with top-class enterprises and strong players in the Energy, Utility and ICT sector, in order to provide them with a turnkey, Cloud SaaS solution for their customers.
“We consider this first seed funding a strong endorsement of Intelen’s expansion and growth strategy,” said Vassilis Nikolopoulos, CEO and co-founder. “Having Greek angel investors, investing money right now in the middle of a very difficult economic period, means that we have determination, strong vision, global targeting and a serious strategic plan.”
The start-up company has a strict corporate plan for the next 12 months, in order to meet all milestones and proceed in the next phase of a Round-A VC investment, primarily from US (CA, Boston), Middle East and Europe, for rapid expansion to USA (Silicon Valley) and specific European vertical markets.