Gridware Raises $10.5 Million to Improve Grid Reliability Nationwide

WALNUT CREEK, Calif., June 13, 2023 /PRNewswire/ -- Gridware today announced it has raised $10.5 million in a seed extension funding round led by Fifty Years and Lowercarbon Capital. This funding allows Gridware to continue to empower utilities to rapidly improve their reliability and wildfire mitigation efforts using its technology that is quickly and affordably implemented onto existing assets. This extension was supported by participation from nearly all of Gridware's initial seed round investors including True Ventures, Liquid 2 Ventures, Wireframe Ventures, Rebel Fund and AI Sprouts as well as joined by new investors including TRAC, Kindergarten Ventures, Hawktail, and Convective Capital. This extends Gridware's funding to $18.8 million.

"Over the last couple years, Gridware has shown they can prevent forest fires, make the grid more resilient and save utilities money," said Seth Bannon, Founding Partner at Fifty Years. "This is personal for us. Not long ago the San Francisco sky was orange due to forest fires and we've now seen the same thing happen in NYC. Gridware is helping ensure that never happens again."

Since its initial funding Gridware has deployed its technology across five states, observed over one million collective hours of field data and added 20 more people to its team. This round of funding will fuel this growth while providing additional support to Gridware's utility customers looking to improve their operations. This includes increasing visibility on aging infrastructure while improving overall reliability for utility customers by reducing outage time and identifying wildfire risks before they ignite.

"Power lines can be a lifeline in a heatwave or the spark that sets off a wildfire. The difference is Gridware," said Chris Sacca, Co-founder of Lowercarbon Capital.

These advancements in technology come at a critical point in time. The Department of Energy estimates that unforeseen outages cost the U.S. economy $150 billion annuallyⁱ modernization being key to minimizing the impact. The extent of wildfires has grown tenfoldⁱⁱ in the past three decades with their severity not far behind. Now is the time to make changes to reduce environmental impacts on the grid.

Additionally, Gridware recently secured a multi-million-dollar venture debt facility from J.P. Morgan to support operations and expansion.

"J.P. Morgan is proud to provide financing that helps support the long-term stability of the grid," said Julia Grinshpun, Executive Director, J.P. Morgan Green Economy Banking. "Our work with Gridware is helping to accelerate their vital technology, reduce outages and protect our communities."

Gridware is grateful for the support of our investor network and excited to continue working with utilities to address the challenges facing the grid today. To learn more about Gridware, how it benefits utilities or to be a part of its continued growth, visit gridware.io.

ABOUT GRIDWARE

Gridware's technology platform provides real-time monitoring of existing grid assets that allows utilities to enhance reliability, improve resilience and reduce wildfire risk. Founded in 2020 and supported by over $18.8 million in seed funding, Gridware is well on its way to achieving its vision of protecting the grid today while building the grid of tomorrow. Learn more about Gridware at gridware.io and follow @GridwareInc.

ⁱ U.S. Department of Energy Announces $48 Million to Improve Reliability and Resiliency of America's Power Grid. (n.d.). Energy.gov. https://www.energy.gov/articles/us-department-energy-announces-48-million-improve-reliability-and-resiliency-americas

ⁱⁱ Climate Change Indicators: Wildfires | US EPA. (2023, March 21). US EPA. https://www.epa.gov/climate-indicators/climate-change-indicators-wildfires

SOURCE Gridware Inc.