Eka Systems Inc. has closed on a fourth round of financing that it hopes raises the company’s profile in a fast-growing energy-metering market that analysts say may already be dominated by larger players.
The Germantown business has received $18.5 million in a round led by Flybridge Capital Partners , a Boston-based clean technology investment company managing a $560 million fund, and including former investors RockPort Capital Partners , a Boston firm overseeing $380 million, Menlo Park, Calif.-based The Westly Group and Los Angeles-based Metropolitan Investments .
In all, the 8-year-old company has collected $40 million, a figure Eka Systems says belies its ambitions for the next five years: be a major networker of wireless “smart meters” for utilities around the globe to make their power lines work more efficiently and help consumers spend less on energy.
This latest funding, which the company says it hopes will be the last before profits start kicking in, follows two of Eka Systems’ biggest contracts to date, more than $8 million worth of work signed in the last few months.
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