Endeavour Capital pumps up Derceto's US push

Wellington-based venture capitalist Endeavour Capital is backing water utility software developer Derceto's push into the United States market by $3 million.

Auckland-based Derceto is a subsidiary of New Zealand civil engineering and construction firm Beca. It develops energy efficiency software for large water companies which optimises their water pumping schedules to save on electricity costs.

The US water utility sector accounts for about 3 percent of the country's electricity consumption each year.

Last year Derceto began targeting large US water companies and now has 15 clients in that country.

Endeavour Capital is a licensed manager under the government's Venture Investment Fund scheme. Its $3 million Derceto investment will be made in two stages over 12 months and will result in it holding 40 percent of the company.

- NZPA