The oversubscribed round will support
software product development and commercial scale.
SAN
FRANCISCO, May 22, 2024 /PRNewswire/ -- Verse, whose
software enables organizations to understand, plan, and manage
clean energy, has raised a $20.5M
Series A funding round. The investment, led by GV (Google Ventures)
with participation from Coatue, CIV, and MCJ Collective, will
support Verse as it scales commercial operations and develops new
product capabilities to help organizations reduce emissions and
lower electricity costs.
Verse™ has closed a $20.5 Million Series A round led by GV to help
organizations reduce electricity costs and emissions.
"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," said Seyed Madaeni, CEO of Verse.
"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."
Verse's oversubscribed fundraise coincides with several trends
that are increasing pressure on organizations to purchase clean
energy.
- AI and EVs: These power-hungry technologies are driving load
growth and concerns over associated emissions.
- High and volatile corporate electricity costs: Geopolitical and
weather events have increased electricity prices and volatility
over the past several years.
- 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.
- Legacy approaches to procuring clean energy are expensive:
Organizations often incur millions in transaction and overhead
costs when shifting to clean power.
Rising prices, more rigorous standards, and expensive processes
create both 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.
"Emerging regulations and technologies are challenging companies
to manage complex clean energy portfolios and become experts
quickly," said Andy Wheeler, General
Partner at GV. "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."
Founded 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 least cost, Aria enables
organizations to reduce their electricity costs and emissions,
making clean energy the smart option.
About Verse
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 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 by up to 70% and providing real-time analysis within minutes,
Aria helps scale and accelerate the clean energy transition.
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SOURCE Verse