Verse – a company that developed software enabling organizations to understand, plan, and manage clean energy – announced it has raised a $20.5M Series A funding round. The funding was led by GV (Google Ventures) with participation from Coatue, CIV, and MCJ Collective and will support Verse as it scales commercial operations and develops new product capabilities to help organizations reduce emissions and lower electricity costs.
Verse’s oversubscribed funding coincides with several trends that are increasing pressure on organizations to purchase clean energy:
1.) AI and EVs – These power-hungry technologies are driving load growth and concerns over associated emissions.
2.) High/volatile corporate electricity costs – Geopolitical and weather events have increased electricity prices and volatility over the past several years.
3.) Escalating regulatory demands in the U.S. and EU – New rules mandating carbon disclosure are forcing organizations toward more robust carbon accounting, which is expected to drive more granular (e.g., time- and location-matched) clean energy purchases.
4.) Legacy approaches to procuring clean energy are expensive – Organizations often see millions in transaction and overhead costs when shifting to clean power.
Rising prices, more aggressive standards, and expensive processes create urgency and new levels of complexity that legacy solutions and corporate clean energy buyers are ill-equipped to handle. Verse’s AI-enabled software platform Aria enables buyers to determine goals and create roadmaps for optimal, least-cost clean energy portfolios in minutes—and at a fraction of the cost of existing solutions.
Launched in 2022 by Seyed Madaeni and Matt Penfold, Verse’s Aria platform supports companies at any stage of their clean energy journey, from setting net zero goals or procuring renewable energy credits (RECs) to managing portfolios of assets for hourly matched carbon-free energy (CFE). By managing risk and optimizing for the least cost, Aria enables organizations to reduce their electricity costs and emissions, making clean energy the smart option.
KEY QUOTES:
“Commercial and industrial electricity use is a significant contributor to global emissions. We need to make clean energy the most economical option for large electricity consumers, but existing solutions don’t scale. Our latest fundraising round, backed by an impressive roster of investors, will fuel Verse’s growth and enhance our software product suite, enabling more businesses to reduce both the cost and emissions of their electricity.”
- Seyed Madaeni, CEO of Verse
“Emerging regulations and technologies are challenging companies to manage complex clean energy portfolios and become experts quickly. The Verse team has combined industry expertise with advanced software to build a powerful, cost-effective solution with instant benefits, and we’re happy to back their efforts to accelerate the clean energy transition.”
- Andy Wheeler, General Partner at GV
