Copper Labs, a Boulder startup that provides energy-monitoring technology for utilities and consumers, has secured $5.5 million in Series A financing.
CEO Dan Forman told Denver Business Journal the company will use the new round to double its eight-person workforce in the Denver-Boulder area over the next year and to accelerate adoption of its technology nationwide. Forman said the company currently has open roles in sales, engineering and product with plans to hire locally.
With Copper Labs' wireless meter reader, consumers and utilities can track electricity, gas and water usage in real-time, helping to create a better picture of demand, enable better load management and efficiency and drive consumer behavior. The meters are sold through utility providers and via Samsung’s SmartThings connected living application.
"Data is the key to building a more resilient grid and engaging the right consumers at the right time to create load flexibility," Forman said in a statement.
The funding round was led by Clean Energy Ventures (CEV), a venture capital firm funding early-stage climate tech innovation, with follow-on participation from National Grid Partners and Blue Bear Capital. Clean Energy Ventures partner and former Commissioner of the Federal Energy Regulatory Commission Nora Mead Brownell will join the Copper Labs board of directors.
Brownell also is president of the National Association of Regulatory Utility Commissioners (NARUC), and the co-founder of Espy Energy Solutions, an energy consulting firm.
Brownell said she's excited to support the team "as they empower customers and partner with mature industries adapting to rapidly changing externalities for a more sustainable future."
David Miller, co-founder and managing partner at Clean Energy Ventures, a $110 million venture capital firm investing in early-stage climate tech startups, said Copper Ventures’ data and intelligence could contribute to reducing greenhouse gas emissions by 2.5 gigatons of carbon emissions before 2050.
“Copper Labs opens up a high frequency data trove for consumers, utilities and smart home providers to enable faster decision making,” said Carolin Funk, partner at Blue Bear Capital, in a statement.
The company said that later this year it will expand its product line beyond current in-home hardware to also offer a scalable neighborhood-level solution to deliver real-time grid-edge intelligence.
Copper Labs previously announced a $2M oversubscribed funding round in March 2021 led by National Grid Partners and a $2 million round led by Austin's Moonshots Capital in 2019.
