Mercatus Raises $16.8 Million to Accelerate Power Producer Digitization with Energy Investment Lifecycle Management (ILM) Solution
(PRWEB) February 23, 2017 -- Mercatus announced that it has secured $5.1M in additional funding as part of an extended Series B funding round. This brings the total for Series B funding to $16.8M for the provider of Cloud software used by leading power producers and utilities to manage energy development projects and portfolios. TPG Alternative & Renewable Technologies Research (TPG ART) led the new investment based on its shared vision with Mercatus of a digitally transformed energy industry.
“As the energy industry transforms itself from a focus on centralized conventional sources of power to more distributed and renewable sources, Mercatus is well positioned to be a key enabler and change agent for this epic transition,” said Mark Gudiksen, Managing Director at TPG ART. “Mercatus Energy ILM digitizes the energy asset investment life cycle from end-to-end and makes the enterprise more efficient and nimble. We believe this will be the key to succeeding in the new agile world of power generation.”
Mercatus plans to invest additional funds on three key initiatives. Given the enthusiastic response to its Asset Management Solution module from pre-release customers and industry analysts, the company plans to expand the promotion plan for the formal release, which is targeted for April. The Asset Management Solution, designed specifically for asset owners and operators, automates the complete asset management process and is seamlessly integrated with Mercatus ILM. Funds will also be applied to accelerate the Mercatus product roadmap to fulfill its digital utility workforce vision. Finally, the company plans to expand further into international markets—particularly in South America, Southeast Asia, India, China, and Japan—where business conditions are red hot.
“We view the additional funding from TPG as a tremendous endorsement of our solution and the global market opportunity given economic conditions and policy uncertainty in key geographies including the U.S.,” said Mercatus co-founder and CEO Haresh Patel. “This speaks to the inevitability of renewable power generation and end-to-end business process digitization via ILM technology.”
About Mercatus
Mercatus Investment Lifecycle Management or ILM digitally transforms how energy producers invest and operate to accelerate the return on their project investment and asset portfolio. We do so by empowering stakeholders with collaborative Cloud analytic technology that integrates the information and processes needed to optimally manage the complete energy investment lifecycle. The benefits to our clients are unparalleled data visibility and integrity; speed and operational efficiency via enhanced collaboration and productivity; and insight via analytics to improve decision quality and better manage risk and compliance. And, Mercatus ILM is the only Cloud-based, end-to-end solution that is purpose-built for the energy industry.
About TPG Alternative & Renewable Technologies
TPG Alternative & Renewable Technologies (“TPG ART”) is a standalone growth and late-stage venture vehicle of TPG, the global private investment firm, dedicated to developing and deploying alternative and renewable technologies across various sectors and has more than $245 million assets under management. TPG has been recognized as a leader in the area of environmental, social and governance (ESG) within the private equity industry. The firm is also a signatory to the Principles of Responsible Investing (PRI), as well as the Responsible Investment Guidelines by the Private Equity Council, the Guidelines for Disclosure and Transparency in Private Equity, and the European Private Equity and Venture Capital Association (EVCA) Code of Conduct. With more than $74 billion of assets under management, TPG has offices in Austin, Beijing, Boston, Dallas, Fort Worth, Hong Kong, Houston, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, San Francisco, São Paulo, Seoul, and Singapore. For more information please visit http://www.tpgart.com.
Marc Gendron, MarComm PR, http://www.instantis.com, +1 (559) 824-8360, [email protected]
Share this article