Following two years of explosive growth and momentum, the Series A funds will be used to fight climate change by boosting utility data access to generate energy savings at scale
UtilityAPI announced the close of Series A funding with a $10 million investment, led by Aligned Climate Capital. The new funds will serve to rapidly expand the company’s ability to satisfy the exploding market for utility-level data sharing platforms.
UtilityAPI is the software industry leader in providing secure, standardized, authorized access to utility data. In 2014, Daniel Roesler founded the company to fight climate change by offering a simple, fast, automated solution for sharing utility customer bills and interval data, shared only with explicit customer consent, and revocable at any time. Historically, energy efficiency service providers spent dozens of hours compiling and organizing customer usage data in order to propose appropriate technology solutions; UtilityAPI’s software collects the data in a moment. This time savings streamlines the sales process for clean energy companies, allowing them to provide clean energy solutions faster, and more cheaply. It is estimated that companies using their services prevent about 15 million pounds of CO2 emissions every month.
“Utility API drastically lowers the barriers for deploying energy efficient technologies and the services that rely upon them. These services are the backbone of the future of energy and the energy transition. Without data exchange, this future is not possible,” said Utility API CEO Devin Hampton. “This, coupled with our industry-leading commitment to privacy and security, creates a future we can all trust.”
“Data access shouldn’t be a roadblock to clean energy deployment,” said Aligned Climate Capital CEO Peter Davidson. “UtilityAPI solves this challenge by making it quick and easy for clean energy companies and utilities to share data, while still protecting consumer privacy.”
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Aligned and UtilityAPI share a mission to fight climate change. But that’s far from their only synchrony. Both companies have a pronounced interest in diversifying the clean energy sector. Among other factors, Aligned focuses on companies to invest in through the lens of ESG (Environmental, Social, Governance) metrics. UtilityAPI is a company led by a diverse leadership team of three people who share no major demographics. In 2020, Hampton, UtilityAPI’s CEO, took to social media to hold up a mirror to his industry, writing, “As a clean energy leader and a black man, I often go to conferences and gatherings where I am one of a few, if not the only black person in the room.” He later co-founded Edict, a movement to diversify climate tech.
Since the start of the pandemic, the company has negotiated deals with numerous Investor Owned Utilities (IOUs), Community Choice Aggregators (CCAs), and Municipal Utilities in the United States and Canada to bring their data sharing platform to millions of customers, third parties and energy efficiency providers.
Source: UtilityAPI