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.”