October 12, 2010
Accent Closes 5 Million Euros In Series B Funding To Expand Smart Grid Technology Offerings
- Funding to accelerate development of next-generation, integrated system-on-chip solutions for the Smart Grid
- Tallwood Venture Capital joins company’s prominent set of investors
Milan, Italy and Palo Alto, Calif., October 12, 2010 - Accent, a world leader in semiconductor integration of communications and metering technologies, announced today that it has closed a new round of financing of 5 Million Euros from Silicon Valley investor Tallwood Venture Capital. The funding will be used to accelerate development and productization of key communication technologies for system-on-chip solutions required by Smart Meter as well as emerging Smart Home applications.
According to Pike Research, Smart Grid deployments are quickly accelerating at a 30% growth rate with an installed base reaching 18% of 1.4 billion electric meters worldwide by 2015. Thanks to major Smart Grid design wins in North America and China with industry leaders such as Itron (NASDAQ: ITRI) and Topscomm, Accent has amassed significant traction in the AMR/AMI market space. As the Smart Grid industry continues to define an open, standard-based framework for deployments, meter vendors need quick access to cost effective silicon solutions incorporating the latest technologies for in-home networks and communication back to the utility. Accent's ASMgrid™ flexible silicon platform already supports critical meter functions - such as ZigBee® Pro, AMI application processing, power-line communication - enabling system vendors the highest levels of silicon integration with mass volume deployment in as little as three months.
"We were attracted by Accent's ability to innovate the semiconductor landscape for smart grid equipment manufacturers, providing tangible performance and cost benefits. Looking forward, we expect Accent to extend its leadership position with more advanced solutions combined with their comprehensive semiconductor capabilities," said Luis Arzubi, general partner at Tallwood Venture Capital.
"We are delighted to add a prestigious firm like Tallwood to our shareholders. The closure of this funding is a strong endorsement of our global market reach and technology position," said Federico Arcelli, CEO of Accent. "This funding will enable us to accelerate market introduction of next generation Smart Grid technologies, as part of our ASMgrid offering, and continue to optimally address the needs of our customers worldwide."
Founded in 1993, Accent (www.accent-soc.com) is an ISO 9001:2008 certified world leader in semiconductor integration of communications and metering technologies for the Smart Grid industry. The company is backed by renowned investors such as Sofinnova Partners and Tallwood Venture Capital. Accent is a worldwide operation with offices in Italy, China, France, and United States. Accent's ASMgrid™ modular, silicon platform offering integrates the widest technology breadth providing Smart Grid equipment manufacturers solution flexibility, rapid time to market, and significantly lowered production costs.
About Tallwood Venture Capital
Tallwood Venture Capital focuses on investments in differentiated technologies and products that we believe will have a significant impact on the semiconductor industry. We seek out talented entrepreneurs and potent ideas likely to make a real difference in semiconductor and semiconductor-related markets.
By offering deep semiconductor knowledge, direct operating experience and a high degree of availability, Tallwood builds close, active working relationships with our portfolio companies.
We have over $500 million currently under management. This capital management level puts Tallwood Venture Capital on par with the semiconductor segments of the largest venture capital firms in the industry. For more information, please visit www.tallwoodvc.com.
For further information, contact:
Director of Marketing
Accent North America, Inc.