Verse, a San Francisco, CA-based whose software enables organizations to understand, plan, and manage clean energy, raised $20.5 million in Series A funding.
Investors
The round was led by GV (Google Ventures) with participation from Coatue, CIV, and MCJ Collective.
Founded in 2009, GV is a corporate venture capital arm of Alphabet based in San Francisco, California. It prefers to invest in the enterprise, life sciences, consumer, and frontier technology sectors. The firm has additional offices in Cambridge, London, and New York. GV has over $10 billion in assets under management and 400 active portfolio companies across North America and Europe.
Verse Use of Funds
The company will use the funds to scale commercial operations, develop new product capabilities for the Aria™ platform, and enhance the ability of organizations to reduce emissions and lower electricity costs.
About Verse
Founded in 2022 by Seyed Madaeni and Matt Penfold, Verse provides software that helps companies reduce their electricity costs and scope 2 emissions at the same time. Its SaaS platform, Aria™, leverages generative AI to help companies define clean energy goals and plan, procure, and manage optimal portfolios of clean energy assets at the least cost. Customers can set parameters that target specific goals (e.g., cost, emissions, or hourly matching) and optimize for annual matching, emissions matching, or hourly matched carbon-free energy (CFE). By reducing transaction costs and providing real-time analysis within minutes, Aria helps scale and accelerate the clean energy transition.
Funding Details
Company: Verse, Inc.
Raised: $20.5M
Round: Series A
Funding Month: May 2024
Lead Investors: GV
Additional Investors: Coatue, CIV, MCJ Collective
Company Website: https://verse.inc/
Software Category: Clean Energy Procurement and Management
Source: https://www.prnewswire.com/news-releases/verse-secures-20-5-million-in-series-a-funding-led-by-gv-to-help-organizations-reduce-electricity-costs--emissions-302152878.html