North Bridge and General Catalyst back Gridco Systems, new start-up developing power management tech for utilities
While Patel isn't saying much, the company seems to be focusing on solid-state (as opposed to magnetic) transformers, which can be smaller, more efficient, and easier to monitor and manage. At a conference in San Francisco earlier this month, Patel also observed that as the prices of commodities like iron, copper, and steel climb, so do the prices of traditional magnetic transformers.
Neither Patel nor his investors would reveal how much the company has raised. But Gridco is one of the first investments that North Bridge partner Ric Fulop has made since joining the firm last year; Fulop was one of the founders of battery-maker A123 Systems.
Declining an interview, Patel wrote in an e-mail, "As you might imagine, things are extremely hectic here at Gridco, as we're heads-down on completing a variety of activities."
Here's a good overview of some of the other companies developing solid-state transformers for the electrical grid.
Before starting Gridco, Patel was an entrepreneur-in-residence at General Catalyst for several years. He spent more than a decade at Sycamore, the Chelmsford networking equipment maker, mainly in the role of chief technology officer.
About Scott Kirsner
Scott Kirsner was part of the team that launched Boston.com in 1995, and has been writing a column for the Globe since 2000. His work has also appeared in Wired, Fast Company, The New York Times, BusinessWeek, Newsweek, and Variety. Scott is also the author of the books "Fans, Friends & Followers" and "Inventing the Movies," was the editor of "The Convergence Guide: Life Sciences in New England," and was a contributor to "The Good City: Writers Explore 21st Century Boston." Scott also helps organize several local events on entrepreneurship, including the Nantucket Conference and Future Forward. Here's some background on how Scott decides what to cover, and how to pitch him a story idea.
Subscribe via e-mail
More from Scott
December 9: Web Innovators Group
Demos of new mobile apps and web ventures at the Royal Sonesta Hotel in Cambridge. Free admission; cash bar.
December 10: Fintech Demo Day
Short demos from startups in the financial technology realm.
December 11: Unpitch
Entrepreneurs and investors sit down for lunch, advice, and feedback. Entrepreneurs must apply to participate.