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February 23, 2017
Tantalus Raises $6M to Support Deployment of Rapidly Expanding Utility Customer Base and Continued Development of Distributed Computing Smart Grid Applications
Tantalus’ smart grid platform – TUNet® – is now deployed across more than 115 utilities in North America, Latin America and the Caribbean as the company continues to gain market share. In 2016, 23 municipal and cooperative utilities representing approximately 700,000 electric meters selected TUNet as their smart grid communications platform. Now with over one million endpoints deployed with embedded distributed intelligence and powerful grid edge analytics, Tantalus is a market leader in enabling utilities to immediately reduce operational costs and make more informed decisions.
“Tantalus is positioned technologically and commercially to address one of the fastest growing utility market segments – smart grid for municipal and cooperative utilities,” said Matt McCooe, Chief Executive Officer of Connecticut Innovations. “The company’s ability to pro-actively engage its growing User community has helped it identify paths to improve the value of TUNet and prioritize R&D initiatives. These are key components of Tantalus’ rapid expansion within this valuable market segment.”
As an example of Tantalus’ strong market position, Blue Ridge Electric Cooperative in South Carolina selected Tantalus in 2016 over several competitors due to TUNet’s ability to reliably deliver distributed intelligence at the edge of a utility’s distribution network, even in challenging terrain. “In a recent side-by-side comparison with competing technology, TUNet outperformed the competition in terms of network coverage, response time and data accuracy,” remarked Barney Drake, Power Delivery & System Support Services Supervisor at Blue Ridge. “TUNet delivered 80% of outage notifications within the first two minutes of the event – before a single customer called in to report it. Access to pro-active data like this will change the way we do business.
The funding comes as the company continues to introduce system enhancements and new functionality to its networked endpoints through remote firmware upgrades. This unique and field-proven feature of TUNet effectively reduces ongoing maintenance costs while protecting the long-term value of the utility’s smart grid investments.
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