SAN FRANCISCO – Verse, developer of software that enables organizations to understand, plan, and manage clean energy, has raised a $20.5 million 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.
“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 round 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.”
