Span.IO, a US-based smart electricity panel producer backed by financial services firm Wells Fargo, raised $10.2m yesterday in a series A round led by venture capital firm ArcTern Ventures.
The round included Capricorn Investment Group, Incite Ventures and undisclosed existing backers, and it follows an undisclosed amount of funding from Wells Fargo’s Strategic Capital unit in November 2019 through its participation in the bank’s Innovation Incubator.
Founded in 2018, Span has created a smart panel that can be installed in a user’s home to coordinate electricity from solar panels with battery storage systems. It also connects to a mobile app that helps users track and manage their energy use.
The funding will help Span meet demand from US residential sector customers including homeowners and energy firms. Mary Powell, former CEO of electricity supplier Green Mountain Power, has joined the startup as an independent board director.
The company had previously raised $3m in January 2019 according to a regulatory filing. It named Wells Fargo Strategic Capital, Congruent Ventures, Wireframe Ventures, Ulu Ventures, Energy Foundry, Hardware Club and 1/0 Capital as existing investors this week.