Camus Energy, a grid orchestration platform, secured over $25 million in Series A funding after closing its $10 million extension. The round was co-led by climate firm Congruent Ventures and marketplace investor Wave Capital, with participation from Align Impact, Remarkable Ventures Climate fund (RVC), and Groundswell Ventures, alongside Congruent and Wave’s Limited Partners.
The company says it provides a grid orchestration platform to enable electric utility operators and planners to harness the latent flexibility of electrified devices, including EVs, batteries, solar inverters, and smart thermostats, to actively manage distribution grid capacity.
According to the company, following a funding round in mid-2021, it has stated to have increased its annual recurring revenue by 500% and expanded its customer base to utilities serving 2.9 million end consumers across nine states.
“This is an investment in the larger clean energy transition since the Camus platform acts as the glue to usher in the era of 100% electrification,” said Abe Yokell, Managing Partner and Co-founder of Congruent Ventures. “Camus’s software unlocks the full potential of both renewable power supply and growing electricity demand for the thousands of utilities managing the momentous challenge of expanding and decarbonizing the grid.”
Camus is using the investment to expand its customer base, invest in product R&D, and further develop its partner ecosystem.
“This round of funding couldn’t have come at a better time, with federal initiatives and consumer demand putting tremendous pressure on the energy transition within the power sector,” said Camus CEO and Co-Founder Astrid Atkinson.
According to Mercom’s Annual and Q4 2023 Funding and M&A Report for Storage & Smart Grid. VC funding in the Smart Grid sector decreased 55% YoY, with $1.5 billion in 47 deals in 2023 compared to $3.3 billion in 46 deals in 2022.
