Tech Funding & Global Decarbonization Efforts: Virtual Peaker Secures $16.6M
To meet global decarbonization and electrification goals, energy providers around the world are challenged to find innovative solutions to engage in renewable technologies and the demand response programs necessary to enhance conservation efforts. Likewise, the tech disruption brought on by emerging distributed energy resource (DER) technologies is reshaping the grid and decreasing profits. Fortunately, our operation has grown to find cost-effective solutions, and we want to help. At our core, we’re committed to helping utilities find affordable solutions to meet Net-Zero 2050 goals, which is why Moore Strategic Ventures and Emerson Ventures invested $16.6M in our SaaS-based software solution.
How This Funding Will Accelerate Our Mission
Global decarbonization legislation and the influx of distributed energy resources (DERs) are fundamentally reshaping the electric industry and we remain committed to driving it forward! This new round of funding means that we can continue to push harder than ever before to assist modern utilities to access and manage DERs through our innovative technology. Let’s see how our leadership team is looking to build a better future together.
What This Funding Means to Virtual Peaker Leadership
“This new round validates my assumption about the value of providing utilities with a powerful and easy-to-use end-to-end DER platform backed by a humble and helpful team. We already have the best team in the industry, and we’re now on the hunt for more top-tier talent to help execute our product strategy of being the single platform needed to execute cost-effective DER programs from customer recruitment to value assessment and everything in between. Giddyup!”
“To me, the most thrilling part of our latest fundraising is the statement that it makes about the future of the energy industry. As more and more stakeholders begin to see that the future energy is distributed, digitized, and decarbonized, the more likely that future is to become a reality through companies like ours. More personally, it’s been amazing to watch our team grow up to this point, and knowing that we have the financial support to continue that growth is about as exciting as it gets.”
“This funding round will let us grow our team and work to help utilities in exciting new ways, without sacrificing anything in terms of supporting and enhancing what we have already built. When you have built something special, as I think we have, caring maintenance is as important as continued innovation. Having the resources to continue hiring great people gives me confidence that we can do both.”
“Here is how my team plans to use these funds: I’m beyond excited for what 2022 has in store for the marketing department here at Virtual Peaker. With this new round of capital, we’ll be able to develop our growth marketing campaigns, expand our brand presence in the industry, and continue to build out our innovative technology. Most importantly, we’ll continue to scale our team to new heights! We’re excited to work with our increasingly evolving utility partners to help accelerate the adoption of DERs, expand their demand response initiatives, and more with our innovative technology.”
Amber Mullaney, VP of Marketing
“As an early member of the Virtual Peaker team, I’m in awe of the amount we’ve been able to accomplish already and am delighted to be part of the next chapter of growth and transformation this investment signals. For Client Success, this will translate to launching additional programs, expanding the scope of our current engagements, and providing support without sacrificing quality or the personal touch we aim to bring to every interaction. We relish helping solve problems with our clients, and now we’ll get to do exactly that on an even larger scale.”
Shadea Mitchell, VP of Customer Success
“This new round of funding gives the company the financial ability to scale rapidly and build a best-in-class team. Our investor partners sought out Virtual Peaker specifically because they feel Virtual Peaker is building the most robust DER platform available, and we are excited to welcome Moore Ventures and Emerson on board.”
What This Funding Means For Our Customers
With our new funding, we’re poised to explore accessible and agile solutions to tech disruption and fuel our customer’s growth in DERs. Already, we’re looking to the infrastructural challenges presented by a growing prosumer base, including EV charging. We’re innovating with our suites-based solutions, including forecasting and distributed energy resource management (DERMS) packages. Our programs have already served many utilities looking for an affordable change. But don’t take our word for it.
According to Christopher Todd, Director, Marketing & Communications, Northeastern REMC, they “needed a way to reduce rapidly increasing capacity and transmission costs. So we turned to Virtual Peaker because of the ability to control multiple thermostat devices.” He continues, “As a result, we’ve seen an increase in load shed and reduced costs during peak demand times due to homeowners’ participation in our Peak Thermostat Program ”
We want to help all of our utility partners find new successes, and our new round of funding is an opportunity to work together for a greener tomorrow. For us, that means more hiring and more of the innovations that have helped utilities realize their programmatic goals while meeting global decarbonization efforts.
Tech Funding and Global Decarbonization Conclusion
The road ahead is clear: on the path to realizing global decarbonization initiatives, utilities are faced with adapting to change or falling behind. We are going to continue accelerating our mission of finding flexible, scalable solutions to help the industry rise to the occasion. We’re thankful for our opportunities and excited to show you what comes next. Before we leave, in addition to thanking Moore Strategic Ventures and Emerson Ventures, Virtual Peaker is indebted to CFO, Spencer Newman for his leadership during the funding round and Dinsmore & Shohl, LLP, for its strategic legal counsel.