‘A new kind of energy provider’ has announced the close of its $1.5 million pre-seed funding round.
David Energy leverages a machine learning platform as the Energy Operating System for buildings and to modernise how customers purchase energy.
The platform helps streamline wholesale energy purchasing, report sustainability metrics and optimise distributed energy resources such as smart thermostats, battery storage, and solar according to a building’s unique needs.
The funding was co-led by Box Group and Greycroft, Great Oaks, Oceans, and a group of strategic angel investors including Zach Weinberg, Nat Turner, and Kiran Bhatraju.
“This is a hard and essential problem to solve: we’re seeing how out of date our energy grid is through stories like the power shutoffs in California while at the same time we need a very advanced grid to address climate change, one of the greatest issues of our time,” said Adam Rothenberg, partner at BoxGroup.
“David Energy has put together a dynamic team of domain experts who are leveraging software that will help accelerate the spread of renewables and save customers money while creating a more resilient grid. We think David Energy is well-positioned to lead the pack and create a category-defining business.”
The software David Energy uses was developed by James McGinniss, the former leader of a group of 30 engineers who won the SpaceX Hyperloop Innovation award in 2017, Brian Maxwell, who has formed and sold two renewable energy companies, and Ahmad Salman, an automation industry veteran with 15 years of experience at Siemens and Schneider Electric. Prior to co-founding David Energy, Ahmed developed a proprietary Energy Management Software platform for R3 Energy Management.