Gridware recently announced it has raised $10.5 million in a seed extension funding round led by Fifty Years and Lowercarbon Capital. This funding round enables Gridware to continue to empower utilities to rapidly improve their reliability and wildfire mitigation efforts using its technology that is quickly and affordably implemented onto existing assets.
This extension was supported by participation from nearly all of Gridware’s initial seed round investors including True Ventures, Liquid 2 Ventures, Wireframe Ventures, Rebel Fund and AI Sprouts as well as joined by new investors including TRAC, Kindergarten Ventures, Hawktail, and Convective Capital. And this funding extends Gridware’s funding to $18.8 million.
Since the initial funding Gridware has deployed its technology across five states, observed over one million collective hours of field data and added 20 more people to its team. And this funding round will fuel this growth while providing additional support to Gridware’s utility customers looking to improve their operations. This includes increasing visibility on aging infrastructure while improving overall reliability for utility customers by reducing outage time and identifying wildfire risks before they ignite.
These advancements in technology come at a critical point. The Department of Energy is estimating that unforeseen outages cost the U.S. economy $150 billion annuallyi modernization being key to minimizing the impact. The extent of wildfires has grown tenfoldii in the past three decades with their severity not far behind. Now is the time to make changes to reduce environmental impacts on the grid. Plus Gridware recently secured a multi-million-dollar venture debt facility from J.P. Morgan to support operations and expansion.
KEY QUOTES:
“Over the last couple years, Gridware has shown they can prevent forest fires, make the grid more resilient and save utilities money. This is personal for us. Not long ago the San Francisco sky was orange due to forest fires and we’ve now seen the same thing happen in NYC. Gridware is helping ensure that never happens again.”
— Seth Bannon, Founding Partner at Fifty Years
“Power lines can be a lifeline in a heatwave or the spark that sets off a wildfire. The difference is Gridware.”
— Chris Sacca, Co-founder of Lowercarbon Capital
“J.P. Morgan is proud to provide financing that helps support the long-term stability of the grid. Our work with Gridware is helping to accelerate their vital technology, reduce outages and protect our communities.”
— Julia Grinshpun, Executive Director, J.P. Morgan Green Economy Banking
