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SparkMeter Closes $12M Series A Financing

SparkMeter, a Washington-based provider of grid management services, equipment, and software solutions that increase access to electricity in underserved communities across Africa, Asia and the Americas, closed a $12m Series A financing.

The round was led by Clean Energy Ventures and Breakthrough Energy Ventures, alongside Goodwell Investments, in partnership with Alitheia Capital, Total Energy Ventures, and other notable investors.

The funding will allow the company to launch its new Digital Solutions offering, connecting smart grid data insights to business operations for large electricity distribution utilities in emerging markets.

Led by Dan Schnitzer, co-founder and CEO, SparkMeter is also launching Digital Solutions to help large incumbent distribution utilities digitalize their operations, assess areas for improvement, and deploy customized algorithms and solutions to improve business performance.

The Digital Solutions not only provides this visibility, the service goes even further – enabling utilities to avoid system capital upgrades through customized solutions including non-wires alternatives like distributed energy resources and load management.

As SparkMeter expands its market presence across Africa and Asia, its products open up opportunities for distribution utilities globally to improve their financial and environmental sustainability through the data analytics provided by SparkMeter.

The company has also received funding from Lateral Capital, Schmidt Family Foundation, Incite Capital, Powerhouse Fund, Shell Foundation, Factor[e], The E8 Fund, and other investors.

Source: http://www.finsmes.com/2020/08/sparkmeter-closes-12m-in-series-a-financing.html

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