SPAN, a manufacturer of smart electrical panels for integrated home electrification that provides circuit-level management, real-time monitoring, and actionable energy insights for customers, has raised $96 million in a Series B2 funding round led by Wellington Management. The funding round also saw participation from Congruent Ventures, Capricorn Investment Group, Qualcomm Ventures, Fifth Wall, Munich Re Ventures, A/O PropTech, Amazon’s Alexa Fund, and others.
The company plans to use the new capital to accelerate its research and development capabilities and expand its partnership reach to unique categories.
SPAN’s smart electrical panel is designed to replace the traditional electrical panel in homes and provide circuit-level control and monitoring of energy usage and production. The panel can also integrate with solar and battery storage systems, major home appliances, and smart home devices to optimize energy efficiency and resilience.
Arch Rao, Founder and CEO of SPAN said “We are grateful to our investors who support our vision to decarbonize the residential sector. At SPAN, we are focused on empowering homeowners to become part of the climate solution by offering technology and customer experience that significantly simplifies the adoption of a cleaner, all-electric lifestyle. By developing a fully integrated, open ecosystem that puts the consumer in control of every aspect of their home, SPAN is positioned to be the conduit between electrified homes and the grid that we need in order to achieve our electrification goals and ensure a clean, reliable grid”.
“Consumers are rapidly electrifying their homes with electric vehicles, heat pumps, and induction stoves and increasing their resilience to grid outages by adopting solar and batteries. These technologies can strain a home’s existing electrical supply. SPAN’s innovative products dynamically manage circuits in real-time and can avoid expensive utility service upgrades for millions of homes”, said Greg Wasserman, Head of Private Climate Investing at Wellington Management.
According to Mercom’s Q1 2023 Storage and Smart Grid Funding and M&A Report, there was a 66% decrease in QoQ for Smart Grid VC funding in Q1 2023, with $280 million raised in 14 deals compared to $846 million in 15 deals in Q4 2022. In a YoY comparison, funding in Q1 2023 was 14% lower compared to Q1 2022, when $327 million was raised in 13 deals.