Eka Systems, a Germantown, Maryland-based utility metering company, has completed a $18.5 million fourth round of funding, led by Flybridge Capital Partners. Returning investors included RockPort Capital Partners, The Westly Group and Metropolitan Investments.
Eka’s scalable smart networking technology allows utilities to monitor and analyze their energy consumption on a near real-time basis. It also helps them cut down on costs by preventing leaks and detecting outages.
Its submetering systems can be installed in residential and commercial buildings to let tenants and landlords monitor electricity, gas and water use. Landlords can easily bill individual tenants according to usage and can track down leaks and faulty equipment. These applications are intended to help customers spend less on energy by making their systems more efficient.
These applications are nothing new, of course. As we’ve reported on before, there are plenty of companies vying to lay claim to the biggest slice of the growing smart metering piece — chief among them firms like Trilliant, Optimal Technologies and SmartSynch. The company has so far amassed $40 million in funding over its 8 years of existence.