- SparkMeter recently announced it raised $10 million. These are the details.
SparkMeter – a provider of grid management services, equipment, and software solutions – recently announced a $10 million raise led by Accurant International with participation from existing investors Breakthrough Energy Ventures and Clean Energy Ventures. This funding round brings SparkMeter’s total financing to $22 million and will enable its growth in global markets.
SparkMeter’s technology is going to help utilities address daily challenges that arise from poor grid edge visibility, congestion, and stress on lines and transformers, and plan for new grid dynamics such as DERs and EV chargers. And the technology combines real-time data streams from the edge of the utility’s network with a detailed model of the grid, creating a so-called “digital twin.”
SparkMeter is going to be releasing the first stage of its software platform Koios next month. Koios is an easy-to-use interface that can do meter-to-cash, detailed system insights, and integrations for improving distribution system operations.
The utilities around the world face the challenge of providing electricity via aging and deteriorating grid assets while meeting growing customer demand, which often results in unreliable energy access. And SparkMeter’s technology helps utilities improve their reliability and collections, which accelerates the retirement of expensive and dirty diesel generators while deploying cleaner sources of energy.
With the use of modern industrial IoT technology platforms like SparkMeter, utilities can leapfrog the IT-heavy paradigm of systems such as Advanced Metering Infrastructure (AMI). And SparkMeter’s ecosystem of integrated hardware and software offers a plug-and-play solution to utilities more economically while lowering the maintenance burden.
KEY QUOTES:
“SparkMeter is deploying a first-of-its-kind advanced end-to-end metering and operational analytics solution for electricity providers. Our team’s experience in the global utility sector uniquely positions us to help accelerate SparkMeter’s growth and introduction of its solutions to Distribution Utilities worldwide.”
– Bahman Hoveida, founder of Accurant International; Hoveida founded Open Systems International, which was acquired by Emerson Electric in 2020 for $1.6 billion.
“SparkMeter has become the most widely used plug-and-play grid management technology using advanced meters. It’s the most economical solution available to utilities in emerging markets when it comes to data reliability in places with low bandwidth internet, while also providing meter to cash capabilities and in-depth grid analytics.”
– Dan Schnitzer, CEO and founder of SparkMeter
“SparkMeter has been very successful in the microgrid sector, and its latest technology development will enable the expansion of reliable power to distribution utilities in the same underserved regions.”
– Carmichael Roberts of Breakthrough Energy Ventures
“The grid of the future will need to be reliable, responsive, and secure as global electricity demand surges, and emerging markets will need innovative and cost-effective solutions such as SparkMeter’s offering to help decarbonize their energy systems while expanding equitable energy access, especially in Africa and Asia.”
– Daniel Goldman, co-founder and managing partner of Clean Energy Ventures
