SAN FRANCISCO, Jan. 26, 2021 /PRNewswire/ -- Span, the company that reinvented the electrical panel so you can intelligently monitor and control your clean energy home, has secured an additional $20 million in funding led by Munich Re Ventures' HSB Fund and joined by the Alexa Fund, with continued participation from existing investors. Span, which began shipping the Span Smart Panel to customers in the summer of 2020, will leverage this latest investment to further expand its reach to homeowners and develop new product offerings.
Consumers are increasingly adopting clean energy technologies such as solar, batteries and electric vehicles (EVs) as they seek to increase their energy resiliency and reduce their carbon footprint. But today's standard electrical panels, originally developed in the 1950s, are a barrier to adopting and installing these upgrades.
Span reinvented the electrical panel to simplify the adoption of clean energy and to deliver a powerful yet intuitive virtual interface to the home. The Span Smart Panel is the first and only solution with precise energy monitoring at the circuit level, real-time controls, and onboard intelligence. From insights into home energy use to customizable backup which extends home battery outage protection, Span delivers smarter energy management, all accessible via the Span Home App.
Span is also announcing Alexa voice integration, providing customers a convenient way to interact with energy in their evolving smart homes. Soon, customers can use Alexa-enabled devices to turn on or off any circuit or appliance in their home, find out what energy source is providing power, or discover what appliance is using the most power. With linked accounts, customers can take actions like checking on their power usage by saying "Alexa, ask Span what is consuming the most power right now."
"As Amazon continues to expand its smart devices portfolio and home services business, we see Span's energy control and automation as an important new area for innovation which will add value to our customers," said Paul Bernard, Director of the Amazon Alexa Fund.
"The upcoming decade will be about home electrification and accelerating the adoption of clean energy. It's great to add investors that are aligned with our long-term vision and will help Span bring innovation to the energy and home service markets," said Arch Rao, founder and CEO of Span, who previously led the Tesla Energy product team. "We see these Amazon Alexa voice controls as an important step in making consumers aware of their personal energy use and make controlling every aspect of their home more accessible and convenient."
According to Matthew McElhattan, Investment Director at Munich Re Ventures, "As investors and partners, respectively, Munich Re Ventures and HSB are excited to support Span's efforts to encourage the adoption of clean energy solutions through their intelligent energy products and technologies. Arch Rao's vision for Span aligns with our mission to close the digital gap, improve customer experience, and advance the sustainable use of energy." Munich Re Ventures, the venture arm of Munich Re, is a leading global provider of reinsurance, primary insurance, and insurance-related risk solutions. Hartford Steam Boiler (HSB), a subsidiary of Munich Re, is a multi-line specialty insurer/reinsurer and provider of inspection, risk management, and IoT technology services for businesses and homes.
Homeowners can learn more about Span and make a reservation for purchase and installation on the Span website. Potential partners interested in becoming Span Certified Installers can reach out through the Span partnership page.
About Span.IO, Inc.
Span reinvented the electrical panel so people can intelligently monitor and control their home energy, making it easier to power their lives conveniently and sustainably. Span's mission is to accelerate the adoption of clean energy upgrades for the home, including solar, batteries, and electric vehicles. Span is backed by leading investors in the clean energy and home services space, including Amazon Alexa Fund, ArcTern Ventures, Capricorn Investment Group, Congruent Ventures, Energy Foundry, Hardware Club, Incite Ventures, Munich Re Ventures, Ulu Ventures, Wells Fargo Strategic Capital, Wireframe Ventures, and 1/0 Capital.