Renewable Energy Procurement Firm Using AI To Serve End-use Customers Closes $5.75M Seed Round

July 19, 2023

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Reporting by Paul Ring • ring@energychoicematters.com

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Verse announced it has closed a $5.75 million seed funding round, led by Coatue with participation from Twine Ventures, MCJ Collective, firstminute capital, Collaborative Fund, Future Positive, and Incite.org, and others

Verse cited, "a lack of dedicated tools and infrastructure," for clean energy procurements by end users, adding that, "much of the process remains confined to spreadsheets that are ill-suited to making robust, data-driven decisions."

"Furthermore, the expertise and resources required to procure clean power are prohibitive and out of reach of all but the biggest organizations," Verse said

Verse stated, "This month, Verse launched Aria, the enterprise platform for buying and managing clean power, to address these pain points. Leveraging generative AI, Aria will allow organizations to define their clean power goals, design and procure a portfolio of clean energy assets, manage those assets, and report on portfolio performance. By empowering companies to reduce costs, de-risk energy procurement, and expedite transactions, Aria will help accelerate and scale organizational adoption of clean energy.

Verse has also signed a customer agreement with Climeworks, a company offering carbon removal services via direct air capture (DAC) technology, to procure portfolios of clean energy assets to power Climeworks' CO2 removal operations.

Verse was founded by Seyed Madaeni and Matt Penfold, who previously held leadership roles at Fluence, where they oversaw its digital business unit

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