Dec. 2 (Bloomberg) — Fathom, a software provider for water
utilities, received a round of investment led by Silver Lake
Kraftwerk Fund LP and XPV Capital Corp.
The funds will be used to expand a platform that helps
utilities improve billing, cut costs and enhance customer
service, the Phoenix-based company said today in a statement.
Terms of the investment weren’t disclosed.
The software provider, whose system helps manage data from
about 4 million water meters, expects to add “a few million
more” next year, Chief Executive Officer Trevor Hill said today
in an interview. It has the potential to “scale to potentially
hundreds of millions of meters,” he said.
Fathom is in talks with some of the largest water meter
manufacturers to increase economies of scale for the water
industry, he said.
Fathom’s “sizable” funding will get the company through a
couple of years when it plans to focus primarily on the
“enormously under-tapped” U.S. market, Hill said.
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Carlos Caminada, Randall Hackley