Verse’s Series A Raise: Making Corporate Decarbonization the Default Option
We’re thrilled to announce a significant milestone for Verse – our $20.5M Series A funding round led by Google Ventures, with notable participation from our lead seed round investor, Coatue. This infusion of capital is a testament to the confidence our investors have in our technology and our mission – to unlock the benefits of clean power for organizations everywhere.
Commercial and industrial (C&I) electricity usage comprise a sixth of global carbon emissions – a number we can expect to grow as electrification of industrial and transportation processes increases. We believe we can accelerate and scale C&I adoption of clean energy by providing major electricity consumers with powerful but easy-to-use tools that reduce their costs and carbon emissions at the same time.
Verse Enables Electricity Cost and Emissions Reduction
Transitioning to clean energy offers companies more than environmental benefits – it provides financial benefits, too, in the form of more predictable, cost-competitive long-term electricity prices. The only way we can scale sustainable solutions quickly is to make them economical and easy-to-use. That’s why we are focused on building an intuitive software platform (Aria™) that leverages the power of artificial intelligence to make it faster, easier, and less expensive for organizations to understand, plan, and manage clean energy. We believe our software can help companies reduce their electricity costs by 10% or more and eliminate their scope 2 emissions. For companies spending millions a year on electricity, or those with ambitious emissions reduction goals, those are significant improvements.
Our timing aligns with increasing regulatory scrutiny in the U.S. and EU regarding carbon disclosures. In addition, anticipated updates to the Greenhouse Gas Protocol will likely include more detailed carbon accounting guidelines (such as time- and location-matching for clean energy purchases), which will present new challenges and complexities.
Supporting Customers Across their Clean Energy Journeys
Aria supports customers at any point on their clean energy journey, from organizations just setting net zero goals or procuring RECs to advanced buyers pursuing 24/7 carbon-free energy (CFE) with portfolios of renewable and storage assets. It excels at solving the most complex math problems, such as quantifying the cost of hourly matched clean power and analyzing short- and long-term risk. Our cloud-based platform already provides critical support for companies such as Climeworks, Heirloom, and Twelve by performing complex calculations in minutes, allowing buyers to dynamically optimize precise clean energy strategies – without having to build the tools themselves, and at a fraction of the cost of legacy solutions.
Our Series A funding will catalyze Verse’s growth, helping us expand Aria’s capabilities, grow our team, and scale our business. Enhancements to Aria will help Verse clients navigate and excel in their clean energy initiatives while reducing their electricity costs. This funding is not just a financial boost—it’s a stepping stone toward making clean energy the default option for corporate buyers of clean energy.