Paren: Data Insights Company Secures $3 Million (Seed)

By Amit Chowdhry ● Oct 8, 2024

Paren—a software platform powering electric mobility with unified data insights—announced that it has raised $3 million in its first financing round. Base10 Partners led the funding round. Founders Network Fund and Luc Vincent (founder of Google Street View and Lyft 5) also participated in the round. Paren will use the funding to scale its current data platform and build new services.

Paren was launched last year to accelerate the adoption of electric vehicles by enabling a seamless driving experience. And the company – after acquiring EVSession – in March 2024 and experiencing accelerated growth recently completed an additional acquisition of EVAdoption, an EV infrastructure data and analysis firm. Loren McDonald, EVAdoption’s founder and a trusted industry expert joins the executive team as Chief Evangelist.

Paren estimated that 100 million public fast charging sessions would occur in the U.S. in 2024 and expects over 1 billion charging sessions by 2030, at which time a projected 7.5% of vehicles in operation will be battery-powered.

Access to rich data sets such as EV charging station reliability is key to this expansion. As a neutral platform, Paren synthesizes fragmented data across the ecosystem into a unified model, addressing the limitations of closed-loop systems and enabling more powerful applications to be built on top of its dataset. Plus, a recent charger health study validated Paren’s reliability analysis.

This funding will enable Paren to grow its team, expand data sets, and scale its platform to meet the demand of enterprise partners. And Paren is expanding its API access to reliability, plus augmenting its data sets around amenities, pricing, and safety to be seamlessly available to drivers using the national EV infrastructure.

KEY QUOTES:

“We are thrilled to have the support of Base10 and our other investors as we address the foundational aspects of the EV charging infrastructure with unified data insights. With the continued momentum at Paren alongside the acquisition of EVAdoption, we welcome Loren as one of the most well-regarded experts in the industry.”

-Florent Breton, CEO and Co-Founder of Paren

“Based on our lengthy EV driving experience, we know that charging on the public network requires seamless access to availability, reliability, pricing, amenities, and safety data. Our solutions are designed to empower automakers, map makers, fleet operators, and other enterprise customers to elevate the driver experience. Combining with EVAdoption’s data will broaden our platform and allow for more robust product offerings.”

-Bill Ferro, CTO and Co-Founder of Paren

“Paren’s data offers unique insights into the EV charging industry that continue to unlock key business opportunities for us. We look forward to benefiting from their expanded data sets and services to help us drive future revenue growth.”

-Brandon Stritch, CEO of StritchCo, a Charge Point Operator based in Florida and Paren Customer

“Charging anxiety is one of the biggest blockers to EV adoption, and much of that is the result of charger reliability. This is a huge problem today that is only getting more acute as EV adoption and production goals uptick. The team at Paren has deep industry expertise, familiarity with this point, and understanding/collaboration with the key market stakeholders. Paren has created a platform that we believe is uniquely positioned to solve the charger anxiety crisis.”

-Rexhi Dollaku, General Partner at Base10 Partners

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