The oversubscribed round will support software product development and commercial scale.
San Francisco, May 22, 2024 /PRNewswire/ — versewhose software enables organizations to understand, plan and manage clean energy, has generated significant interest $20.5 million Series A funding round. This investment, led by GV (Google Ventures) with participation from Coatue, CIV and MCJ Collective, will support Verse as it scales business operations and develops new product capabilities to help organizations reduce emissions and lower electricity costs.
“Commercial and industrial electricity use is a significant contributor to global emissions,” said Sayed Medini, CEO of Verse. “We need to make clean energy the most economical option for large electricity consumers, but current solutions cannot scale.” “Our latest fundraising round, backed by an impressive list of investors, will fuel Verse’s growth and strengthen our suite of software products, enabling more companies to reduce the cost and emissions of their electricity.”
Verse’s oversubscribed fundraising coincides with several trends that are increasing pressure on organizations to purchase clean energy.
- Artificial Intelligence and Electric Vehicles: These power-hungry technologies are fueling load growth and associated emissions concerns.
- High and Volatile Electricity Costs for Businesses: Geopolitical and weather events have increased and fluctuated electricity prices over the past several years.
- Mounting regulatory demands in the US and EU: New rules mandating carbon disclosure are forcing institutions to take a more aggressive approach to carbon accounting, which is expected to lead to more tailored (e.g., matching time and place) procurement of clean energy.
- Old methods of purchasing clean energy are expensive: organizations often incur millions in transaction costs and overhead costs when switching to clean energy.
Rising prices, more stringent standards and expensive processes are creating new levels of urgency and complexity, which legacy solutions and corporate buyers of clean energy cannot handle. Verse’s AI-powered software platform, Aria™, allows buyers to set goals and create roadmaps for optimal, lowest-cost clean energy portfolios in minutes – and at a fraction of the cost of existing solutions.
“Emerging regulations and technologies challenge companies to manage complex clean energy portfolios and become experts quickly,” he said. Andy Wheeler, General Partner at GV. “The Verse team has combined industry expertise with advanced software to build a robust, cost-effective solution with immediate benefits, and we are pleased to support their efforts to accelerate the transition to clean energy.”
Founded in 2022 by Sayed Madini W Matt Penfold, Verse’s Aria platform supports companies at any stage of their clean energy journey – from setting net-zero goals or purchasing renewable energy credits (RECs) to managing hourly matched carbon-free energy (CFE) asset portfolios. By managing risk and optimizing performance at the lowest cost, Aria enables organizations to reduce electricity costs and emissions, making clean energy a smart choice.
About the verse
Verse provides software that helps businesses reduce electricity costs and Scope 2 emissions at the same time. Its SaaS platform, Aria™, leverages generative AI to help companies set clean energy goals and plan, procure and manage optimal portfolios of clean energy assets at the lowest cost. Customers can set parameters that target specific goals (for example, cost, emissions, or hourly matching) and optimize annual matching, emissions matching, or hourly matching 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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