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RiverVest backs $13.3m financing round for energy monitoring company Smart Wire Grid

12 Mar 2014

electricity_170sqCalifornia-based energy monitoring system developer Smart Wire Grid has raised just under $13.4m from RiverVest Venture Partners.

The $13.39m in financing was provided as equity, options, and security according to a Form D filing with the US Securities and Exchange Commission. A second, undisclosed investor also took part in the fundraise.

Smart Wire is targeting a total of $18.39m for the round, which has a minimum investment demand of $1m.

The company, which was founded in 2010, offers power flow control that is less expensive, easier to implement, and more reliable than a conventional Flexible Alternating Current Transmission System (FACTS), according to its website.

Last summer RiverVest exited its portfolio company IDEV Technologies, which was sold for $310m to Abbott Laboratories.

The sale generated a return of 2.6 times on the venture capital firm’s $12m investment in the comapny, which develops medical devices for interventional radiology, vascular surgery and cardiology.

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