UtilityAPI, a utility data service provider, raised $10 million in a Series A funding round. Aligned Climate Capital led the funding round.
The company plans to use new funds to expand its utility-level data-sharing platforms.
“Utility API drastically lowers the barriers for deploying energy-efficient technologies and the services that rely upon them. These services are the backbone of the future of energy and the energy transition. Without data exchange, this future is not possible,” said Utility API CEO Devin Hampton.
“Data access shouldn’t be a roadblock to clean energy deployment,” said Aligned Climate Capital CEO Peter Davidson. “UtilityAPI solves this challenge by making it quick and easy for clean energy companies and utilities to share data while protecting consumer privacy.”
The utility data market has recently seen high interest from investors; earlier this month, $200 million was raised by Arcadia, a climate software and data start-up focused on decarbonizing the electric grid. 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.
Earlier this month, SWTCH Energy, an end-to-end solutions provider for electric vehicle (EV) charging and energy management and streamline charging, closed $13 million in new financing to expand its EV charging solutions across North America. The new capital includes a $10 million Series A round led by the venture capital arm of Aligned Climate Capital and a $3 million credit facility from Silicon Valley Bank.
According to Mercom’s Q1 2022 Funding and M&A Report for Storage, Grid & Efficiency, and Smart Grid, VC funding increased 37% in Q1 2022, with $312 million raised in 12 deals compared to $228 million in 10 deals in Q4 2021. Year-over-year, funding in Q1 2022 was 9% higher, with $287 million raised in 10 deals in Q1 2021.