Home electrification technology startup SPAN announced that it has raised $96 million, with proceeds aimed at accelerating its R&D capabilities and expand its reach into new categories.
Founded in 2018, San Francisco-based SPAN develops products aimed at enabling residential electrification and enabling homes to adopt clean energy including solar, batteries, and electric vehicles. The company’s products include SPAN Panel, launched in 2020, giving customers circuit-level management, real-time monitoring, and actionable energy insights, and SPAN Drive EV charger, launched in 2022.
The company has been growing rapidly, with revenue increasing almost 600% in 2022, and its team reaching more than 220 employees.
According to SPAN, the new funding will support its plans to “extend its integration to every high-energy load in the home.” The company aims to extend its partnership reach into new categories including major home appliances, smart home devices, and grid integrations, and it is developing a new research and development facility to enable advanced product testing in a microgrid environment that can emulate multiple on-grid and off-grid scenarios in order to help accelerate new product and feature development.
Arch Rao, Founder and CEO of SPAN, said:
“We are grateful to our investors who support our vision to decarbonize the residential sector. At SPAN, we are focused on empowering homeowners to become part of the climate solution by offering technology and customer experience that significantly simplifies the adoption of a cleaner, all-electric lifestyle.”
The Series B financing was led by Wellington Management and included participation from investors including Congruent Ventures, Capricorn Investment Group, Qualcomm Ventures, Fifth Wall, Munich Re Ventures, A/O PropTech, and Amazon’s Alexa Fund. With the new funding round, SPAN has raised $231 million to date.
Greg Wasserman, Head of Private Climate Investing at Wellington Management, said:
“Consumers are rapidly electrifying their homes with electric vehicles, heat pumps, and induction stoves and increasing their resilience to grid outages by adopting solar and batteries. These technologies can strain a home’s existing electrical supply. SPAN’s innovative products dynamically manage circuits in real-time and can avoid expensive utility service upgrades for millions of homes.”