OpenPeak, maker of dashboard-like devices with applications that look vaguely like the iPad, has just raised $52 million from Intel Capital and General Electric Capital. And while many are postulating a potential iPad rival from the lesser-known company, the more likely story is that OpenPeak will become a formidable player in the emerging energy management and efficiency space.
While the company started off making its touch-screen gadgets for home automation purposes, like organizing media in a central location, connecting to the internet, or making calls, it has more recently been focused on showing customers how much energy they are using and how much it is costing them in real time. The company solidified this move last September by partnering with Itron, one of the biggest maker of smart meters that wirelessly beam energy data back to utilities and consumer devices like OpenPeak's.
But the company isn't alone in the field of devices -- not by a long shot. Competitors like Tendril and Control4 have also gained a lot of traction with similar dashboard displays that exist separately from homeowners' computers, televisions and phones. And that doesn't count the numerous energy management systems that do integrate with these standard screens, like Microsoft Hohm and Google PowerMeter.
That's where this new funding, which is considerable for a relatively capital efficient venture, could make a big difference. Not only will this be enough to beef up the company's marketing budget and general visibility in the smart grid industry, it will also give it more leverage with potential partners that could help it trounce some of its lesser rivals.
Forging partnerships is one of the major ways OpenPeak differentiates itself from the pack. Instead of offering its own applications for tracking energy use and costs, it provides a conduit for other companies to do so. For example, it has been working with appliance makers like Whirlpool and General Electric, and utilities like Direct Energy to increase customer engagement in energy consumption.
OpenPeak's newest product, the OpenTablet -- the word "tablet" is probably what's inspiring the iPad parallels -- makes this new emphasis on energy clear as well, with a very prominent app located on its homepage called "Energy." And it's been working on deals with telecommunications companies like AT&T to diversify its offerings in this arena.
There's no telling how much of the $52 million will go toward the company's energy efforts. A lot may go toward the OpenTablet's other capabilities. But regardless, it should raise OpenPeak's profile, opening it up to new partnerships, making it even more useful for regular consumers.
Located in Boca Raton, Fla., OpenPeak previously raised $7.15 million last May.