US-based electricity management technology developer Span secured $20m yesterday in a funding round led by HSB Fund, a corporate venturing vehicle for reinsurance group Munich Re’s Hartford Steam Boiler subsidiary.
The round included e-commerce and cloud computing group Amazon’s Alexa Fund and unnamed existing shareholders.
Span has developed an electrical panel that allows homeowners to monitor and control their energy usage at the circuit level through a mobile app.
The company began shipping its product last summer and will use the funding to expand its market reach and develop additional products. It has also integrated the capabilities of Amazon’s smart assistant, Alexa, into the app.
Paul Bernard, director of Amazon Alexa Fund, said: “As Amazon continues to expand its smart devices portfolio and home services business, we see Span’s energy control and automation as an important new area for innovation which will add value to our customers.”
Span secured $10.1m in a May 2020 series A round led by ArcTern Ventures that included Capricorn Investment Group, Incite Ventures and undisclosed existing investors. It had raised $3m from undisclosed backers in early 2019, according to a securities filing.
The company has also identified Wells Fargo’s venture capital unit, Wells Fargo Strategic Capital, as an investor along with Congruent Ventures, Wireframe Ventures, Ulu Ventures, Energy Foundry, Hardware Club and 1/0 Capital.
The original version of this article appeared on our sister site, Global University Venturing. Photo courtesy of Span.IO, Inc.
