Arcadia, a climate software and data startup focused on decarbonizing the electric grid, raised $200 million in a new funding round.
J.P. Morgan Asset Management’s Sustainable Growth Equity Team led the funding round with Keyframe Capital, Broadscale Group, Triangle Peak Partners, Camber Creek, Tiger Global Management, Wellington Management, Salesforce Ventures, Drawdown Fund, and MCJ Collective.
The latest financing comes just eight months after the company closed a $100 million Series D round and brings total funding to over $370 million.
The financing accelerates the impact of the company’s data and API platform, Arc, by expanding data coverage and new product development to empower companies to monitor, report, and act on their carbon impact.
The new funding allows the company to invest in expanding data coverage to include commercial utility data and grow its API platform assisting companies in achieving their sustainability goals.
“The products being built on the Arc platform in just a short amount of time – by large incumbents and new startups – prove that companies have been starved of the tools they need to build innovative energy solutions. Building a platform that works across verticals instead of offering point solutions will unlock exponential growth and impact,” said Kiran Bhatraju, CEO of Arcadia. “Today’s commitment from J.P. Morgan will enable Arc to become the foundational software layer for the zero-carbon economy.”
According to Mercom’s Q1 2022 Funding and M&A Report for Storage, Grid & Efficiency, corporate funding into Battery Storage, Smart Grid, and Energy Efficiency sectors, including debt and public market financing, increased 177% in Q1 2022 compared to $4.8 billion in Q4 2021. Corporate funding increased 167% YoY compared to Q1 2021.