Virtual Peaker, a cloud-based distributed energy management platform for utilities, raised $16.6 million in a Series A funding round.
Louis Bacon’s Moore Strategic Ventures (MSV) led the funding round with Emerson Ventures.
The company plans to use the fresh funds to expand its distributed energy resource management systems (DERMS) platform.
Virtual Peaker, headquartered in Louisville, developed a distributed energy resource management systems platform. Utility companies use the platform to manage their distributed energy resources, including rooftop solar, wind, residential battery storage, and electric vehicles (EVs).
With fresh funds, the company will also be expanding to offer wraparound services, including customer engagement and forecasting, to make its suite of products accessible to every utility.
“Efficiently managing electricity demand is an essential component of a grid capable of meeting the world’s goal of electrification and decarbonization,” said James McIntyre, senior managing director and COO of Moore Strategic Ventures.
“If we’re going to get to a zero-carbon world, we can only be successful with visionary investors like Moore Strategic Investors and Emerson Ventures who understand how innovation accelerates change in the clean energy ecosystem,” said William (Bill) Burke, the founder, and CEO of Virtual Peaker.
“Their transformational investments demonstrate the significant economic opportunities for sustainable technologies to counter the global challenges of climate change,” he added.
According to Mercom’s Q4 2021 and annual funding and M&A report for storage, grid, and efficiency, smart grid companies raised $1.2 billion in VC funding in 35 deals in 2021, a 55% increase compared to $748 million raised in 38 deals in 2020. A total of 129 investors funded smart grid companies in 2021 compared to 102 in 2020.