UtilityAPI Awarded $760k Grant from Department of Energy
We are thrilled to announce that Better Ventures Fund II portfolio company UtilityAPI has been selected to receive a $760,000 grant from the US Department of Energy's SunShot Initiative. The program, which was designed to address the challenges to ubiquitous, affordable solar energy deployment, is highly competitive with hundreds of companies applying for a small number of funding slots. The capital will be used by UtilityAPI to build more data connections to utilities and further expand the geographical footprint of the company's API service. With the Paris climate talks in full swing, a big emphasis is on technologies such as UtilityAPI to drive adoption of renewable energy and ween our planet from fossil fuels.
This new funding adds significant runway to UtilityAPI after closing their successful $860,000 seed round in June, which was led by Better Ventures. The company has made tremendous progress in the last six months, growing from two to 12 employees, signing a contract with the largest solar installer in the US, and ramping up revenue. This additional funding further enhances UtilityAPI's ability to execute on their mission to build out the data infrastructure for the new energy economy and streamline the process of transitioning to renewable energy. With a solid runway and building momentum, the company is poised for a busy and productive 2016.
If you'd like more information on UtilityAPI or Better Ventures, please don't hesitate to reach out.
Wes & Rick