David Energy, a Brooklyn, NY-based provider of software-enabled retail electricity, raised $20.5M in Series A funding.
The round was led by Keyframe Capital and Union Square Ventures with participation from Equal Ventures, Box Group, and MCJ Collective, Toba Capital, Turntide, and James Dice. In conjunction with the funding, Keyframe Capital’s Ben Birnbaum will join the board and USV’s Rebecca Kaden will join as an observer.
The company intends to use the funds to further accelerate customer adoption of that platform while developing a brand-new Residential product for the New York and Texas markets.
Led by CEO James McGinniss, David Energy is a software-enabled retail electricity provider that analyzes and controls customer demand in real-time to help customers buy power when it is cheapest while reducing the need for carbon-intensive peaker plants. The technology analyzes and controls customer demand in real-time by integrating with customers’ energy devices (e.g. smart thermostats, EV chargers, backup generators, battery, and solar systems). Leveraging these distributed energy resources directly into electricity markets, the company buys and delivers power to customers efficiently.
Since their Seed round in February 2021, the company has begun operating as a retail energy provider in New York, New Jersey, and Massachusetts and has submitted an application to expand into Texas.
FinSMEs
29/03/2022