dcbel, a smart home energy company, raised over $50 million in Series B funding. The funding round saw participation from existing investors Volvo Cars, Coatue, Kevin Mahaffey, Real Ventures, and new investor Idealist Capital. Investissement Québec also participated in the funding round.
The funding will enable the company to accelerate the delivery of its Home Energy Solutions. Pierre Larochelle, Co-Managing Partner of Idealist Capital, will be appointed to the dcbel Board of Directors.
“For over a decade, I have focused on climate impact investments in the renewable energy and storage, energy efficiency, and electrification sectors,” said Mr. Larochelle. “dcbel sits at the nexus of all these industries, representing a truly exciting opportunity to change the way we think about home energy.
dcbel’s r16 Home Energy Station provides a home energy solution that offers bidirectional EV charging, solar and stationary battery inverters, and artificial intelligence features. According to the company, the device learns from the historical energy consumption data of the home and can forecast the energy requirements and obtain the cheapest and cleanest electricity.
“This funding positions our company to accelerate our growth and is a testament to the strength of our team, product, and traction. We are proud of bringing to market a sustainable solution to accelerate the energy transition and give homeowners control over their energy,” said Marc-Andre Forget, CEO of dcbel.
According to Mercom’s 1H And Q2 2023 Funding and M&A Report for Storage & Smart Grid, VC funding in Smart Grid companies in 1H 2023 was 32% higher, with $986 million compared to the $746 million raised in 1H 2022.
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, recently raised $96 million in a Series B2 funding round led by Wellington Management. The company plans to use the new capital to accelerate its research and development capabilities and expand its partnership reach to unique categories.