Verse – a company founded to help organizations everywhere unlock the benefits of clean power – recently announced it has closed a $5.75 million seed funding round. Led by Coatue with participation from Twine Ventures, MCJ Collective, firstminute capital, Collaborative Fund, Future Positive, and Incite.org, and others, the investment will enable Verse to help organizations procure, manage, and report on carbon-free energy assets faster and more cost-effectively than they can today.
Organizations across industries are increasingly committing to reducing their carbon emissions to combat climate change and reduce costs and mitigate the risks associated with volatile wholesale power markets. However, lacking dedicated tools and infrastructure, much of the process remains confined to spreadsheets that are ill-suited to making robust, data-driven decisions. Plus, the expertise and resources required to procure clean power are prohibitive and out of reach of all but the most significant organizations.
This month, Verse launched Aria, the enterprise platform for buying and managing clean power to address these pain points. Leveraging generative AI, Aria will enable organizations to define their clean power goals, design and procure a portfolio of clean energy assets, manage them, and report on portfolio performance. By empowering companies to reduce costs, de-risk energy procurement, and expedite transactions, Aria will help accelerate and scale organizational adoption of clean energy.
Verse also signed a customer agreement with Climeworks, a pioneering company offering high-quality carbon removal services via direct air capture (DAC) technology. And partnering with Verse will allow Climeworks to design and procure future-proofed, risk-optimized portfolios of clean energy assets to power their CO2 removal operations.
KEY QUOTES:
“Reshaping the emission intensity of our electricity system is a key step in getting to net zero. At the same time, for organizations that have outlined net zero goals, there isn’t an easy or transparent way to procure electricity from renewable sources. Verse has built a proprietary software platform to manage this process from end-to-end, which we believe is primed to redefine how businesses procure and manage clean energy. We are excited by the potential for Verse’s technology to support corporate sustainability and emissions reduction goals.”
— Jaimin Rangwalla, Senior Managing Director at Coatue
“Widespread access to clean power is a fundamental need for our industry to deliver high-quality carbon removal at gigaton scale. As a global leader spearheading DAC technology, Climeworks looks forward to partnering with Verse for a new, easier approach to the process of buying and managing clean power.”
— Climeworks COO Douglas Chan
“We’re incredibly grateful to Coatue for leading this round, and to all our investors for supporting our efforts to help companies reduce their carbon emissions. This funding enables us to further our mission of unlocking the benefits of clean power for organizations everywhere. We are also very excited to have signed our first commercial contracts, including with an industry leader like Climeworks. Clean power procurement will be a strategic imperative for every sector, and we look forward to helping Climeworks and other companies reduce the cost and complexity of buying and managing clean power.”
— Verse CEO Seyed Madaeni
