Singularity Energy, a SaaS platform that reports on carbon emissions for the electricity grid, raised $4.5 million in a seed funding round.
Spero Ventures and Energy Impact Partners led the round with existing investors, Third Sphere, J Ventures, and other individual investors.
As part of the funding, Marc Tarpening, Tesla co-founder and partner at Spero Ventures, will join the company’s board of directors.
The company plans to use new funds to expand its product and technology roadmap, which consists of time and location-based grid emissions data and other tools to provide data-driven decarbonization solutions to grid operators, utilities, and companies.
The investment will also help develop partnerships with key stakeholders and continue to hire talent, the company said.
The company provides transparent and accurate data to grid operators, utilities, and businesses about their grid carbon emissions while supplying them with actionable decarbonization insights and automated decision-making through their platform. Clients include Harvard, Sense, Measurabl, Eversource, and several grid operators and utilities.
“Blackstone estimates that the global decarbonization effort will require a massive $50 trillion investment over the next three decades,” said Wenbo Shi, Singularity Founder, and CEO.
“We used Singularity’s intelligent decarbonization platform to demonstrate that automating EV charging can reduce carbon emissions by up to 14% nationwide and 43% in California. By combining smart home automation with carbon intensity data, we can accelerate emissions reduction in the residential sector as homes electrify,” Said Mike Philips, Sense CEO.
Earlier this month, Arcadia, a climate software and data start-up focused on decarbonizing the electric grid, raised $200 million in funding to allow the company to invest in expanding data coverage to include commercial utility data and grow its API platform.
According to Mercom’s Q1 2022 Funding and M&A Report for Storage, Grid & Efficiency, Smart Grid VC funding increased 37% in Q1 2022, with $312 million compared to $228 million in Q4 2021.