Power grid orchestration software provider Camus Energy today announced the closing of a $10 million extension to its Series A funding, bringing the total raised in the round to $25 million, with proceeds earmarked to support the growth of its solutions to enable grid operators to tackle expanding electricity demand.
Founded in 2019 by CEO Astrid Atkinson, CTO Cody Smith and COO Michael Ryan, California-based Camus provides software that enables utilities to anticipate and actively manage local grid constraints and make informed infrastructure investments to meet growing electricity demand in order to help accelerate the adoption of renewable energy and help reduce emissions. The company's network orchestration software platform uses data from utilities and power transmission companies, as well as distributed energy producers and consumers, to provide a hub for modern utility operations and planning, providing timely visibility real, forecast for the next day and conscious control of the network. of local energy resources and distribution system planning insights.
Camus said his team's experience helping design and scale distributed computing systems at Google, Amazon and Meta allows them to analyze billions of data points and embrace the shift from model-based grid management to data-driven grid management.
The funding comes at a time when investment in networks is seen as a key component in enabling the achievement of global climate objectives. According to a recent report by the International Energy Agency (IEA), 80 million kilometers of power lines will need to be added or replaced worldwide by 2040, approximately equivalent to the entire current global grid, with investment expected to double to more than $600 billion per year until 2040. renewable energy.
The financing resources will be used by the company to expand its customer base, invest in research and development and increase its partner ecosystem. Since mid-2021, Camus said it has increased its annual recurring revenue by 500%, expanded its customer base to dealerships serving 2.9 million end consumers in nine states and doubled its employee count. Camus' customer base now includes investor-owned utilities, rural electric cooperatives, generation and transmission operators, and community choice aggregators.
Camus CEO and co-founder Astrid Atkinson said:
“This round of financing could not have come at a better time, with federal initiatives and consumer demand putting enormous pressure on the energy transition in the energy sector. Utilities are actively seeking grid orchestration capabilities to integrate new sources of generation and demand. It’s our job to make this transition as smooth and efficient as possible.”
The round was co-led by climate firm Congruent Ventures and market investor Wave Capital, with participation from Align Impact, Remarkable Ventures Climate Fund (RVC) and Groundswell Ventures, along with Congruent and Wave's Limited Partners.
Abe Yokell, managing partner and co-founder of Congruent Ventures, said:
“This is an investment in the broader transition to clean energy, as the Camus platform serves as the glue to usher in the era of 100% electrification. Camus’ software unlocks the full potential of renewable energy supply and growing electricity demand for thousands of utilities managing the important challenge of expanding and decarbonizing the grid.”
