Landis+Gyr, the smart meter company headed by Irish businessman Cameron O'Reilly, has completed a $100m (€67m) funding round from existing shareholders. The Swiss-based company is the largest electricity-metering company in the world.

The company has won more than €670m worth of new contracts around the globe this year, including in the US and Australia. The company believes the EU's directive that at least 80% of homes must have a smart meter by 2020 will benefit it. O'Reilly said regulatory moves in Canada, Australia and China will also be of interest to Landis+Gyr.

The company has annual sales of €840m and employs more than 5,000 people in more than 30 countries.