Total Energy Ventures helped the utility-scale energy meter provider close a round that will support the launch of its latest software product.
US-based grid management technology provider SparkMeter completed a $12m series A round on Tuesday featuring oil and gas supplier Total’s corporate venturing subsidiary, Total Energy Ventures.
The round was co-led by venture capital firm Clean Energy Ventures and energy tech-focused fund Breakthrough Energy Ventures, and included Goodwell Investments, Alitheia Capital and undisclosed additional investors.
Founded in 2013, SparkMeter produces connected smart meters and software that help energy utilities in emerging markets maintain a stable service by providing insights into power consumption and cost.
The series A funds will support the launch of Digital Solutions, a software product that helps utilities digitise their operations. SparkMeter had previously secured $3.2m in debt financing in July 2018, according to a regulatory filing.
The company has not revealed details of its earlier financing but this week also named petroleum producer Shell’s non-profit organisation, Shell Foundation, as an investor along with Lateral Capital, Schmidt Family Foundation, Incite Capital, Powerhouse Fund, Factor[e] and E8 Fund.