Company officials say Arcadia has raised $200 million alone from investors including JP Morgan Asset Management to scale its climate data and software platform.
Companies like Ford Motor Co.
Use Arcadia to view aggregated data on energy usage and pricing across the US, find customers for clean energy products, and manage their electricity usage. Arcadia also connects consumers in states like New York with large solar projects through their utility companies.
Washington-based Arcadia’s latest funding round values it at around $1.5 billion. The company has raised about $380 million since its founding in 2014 and hopes to use the money to grow the amount of data on its platform, expand globally, and help companies manage manage their carbon footprint.
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By combining multiple regional utility data points in one place, Arcadia tells customers the best time to store clean energy, use solar energy or charge electric vehicles, CEO Kiran Bhatraju said. know in an interview.
“I think our platform will become the foundation for the energy transition,” he said.
Some investors are backing software companies in the midst of a transition away from fossil fuels, betting that startups have a quicker path to profitability because they don’t need to spend as much to create. physical products such as electric cars or solar panels.
Arcadia declined to provide figures on its financial performance. Mr. Bhatraju said he expected to take the company public, but did not have a specific timeframe.
The JP Morgan Asset Management investment is the first made by the sustainability-focused equity group, founded earlier this year, in the company’s private equity division. Other investors in the round include current Arcadia backers Tiger Global Management LLC, Wellington Management Co. and Salesforce Ventures, the venture capital arm of Salesforce Inc.
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https://www.wsj.com/articles/climate-data-startup-arcadia-raises-200-million-11652173200?mod=rss_markets_main Climate-Data Startup Arcadia Raises $200 Million