David Energy, a grid technology company based in New York City, has raised $23 million in a funding round led by Cathay Innovation, with additional investments from Union Square Ventures, Keyframe Capital, Equal Ventures, and BoxGroup. This latest financing brings the company’s total funding to $50 million since its inception in 2019.
Expanding Clean Energy Solutions in the Northeast
The newly raised capital will enable David Energy to scale its operations in existing markets and expand across the Northeast and Mid-Atlantic regions. The company currently supplies electricity to residents in Texas and multi-unit business owners in New York, New Jersey, Massachusetts, and Texas.
Driving Decarbonization Through Real-Time Energy Management
Led by CEO James McGinniss, David Energy aims to decarbonize the energy sector, the largest contributor to climate change. The company leverages a network of connected devices to manage real-time fluctuations in clean energy generation, optimizing grid efficiency and promoting renewable energy use 24/7.
With this funding round, David Energy continues to push for a cleaner, more sustainable energy market by integrating technology and innovation in energy management.
Source: finsmes.com
