Energy management software company Cleartrace has secured US$20 million in a financing round to accelerate the growth of its platform.
The software platform traces and manages by the hour building energy data and carbon intensity, enabling clients to record their decarbonisation progress.
The funding was led by venture capital group ClearSky as well as investments from Brookfield Renewable, EDF Energy North America, Tenaska, and Exelon. All the aforementioned companies, bar Exelon, will gain board representation in Cleartrace.
“Despite the rise in decarbonization goals as part of Environmental Social and Governance (ESG) commitments, energy data today is largely siloed, not validated and non-standardized,” said Lincoln Payton, CEO of Cleartrace.
“Renewable energy buyers and suppliers need to understand the carbon intensity of the electricity they consume or produce – on an hourly basis–in order to advance their decarbonization strategies.”
The investment follows Cleartrace penning partnerships with the likes of management firm Iron Mountain, real estate firm Brookfield Properties and investment bank JP Morgan Chase’s offices.