Colorado-based Copper Labs, a technology provider that unlocks real-time grid-edge data for gas, water and electric utilities, has raised $5.5m in a series A round.

Copper Labs plans to use the money to grow its sales, engineering and marketing teams over the next year to accelerate adoption nationally across utility territories.

Utilities are trying to earn customer trust via personalised experiences while simultaneously grappling with an increasingly decarbonised, decentralised and digitised grid. Copper uses patented technology that provides utilities with revenue-grade, real-time intelligence without the need for expensive overhauls that take years to start delivering value.

“For water and gas utilities that can only access meter data every thirty days, or electric municipal and cooperatives that lack the resources of larger investor-owned utilities, Copper and our partners deliver an affordable path to a smarter grid by leveraging existing meters and data backhaul networks, with or without smart meters,” said Dan Forman, CEO of Copper Labs. “Data are the key to building a more resilient grid and engaging the right consumers at the right time to create load flexibility.”

Together with Copper, some of the most innovative utilities and partners in the USA are leveraging real-time energy usage data for consumer engagement that is personalised to drive behaviour change while measuring and verifying programme performance at the meter. Later this year, the company plans to expand its product line beyond the current in-home hardware to also offer scalable neighbourhood-level technology that reduces deployment costs and timing to deliver real-time grid-edge intelligence.

In an era of increasing urgency to decarbonise the grid, Copper Labs enables near real-time visibility into energy usage and voltage data, creating more predictable demand and a channel to engage targeted consumers when it matters most to the grid. By disaggregating the large loads that matter to utilities such as EV chargers and keeping consumers engaged with real-time insights, utilities can skip the typical guesswork and take control of energy demand in real time.

The financing was led by Clean Energy Ventures, a venture capital firm funding early-stage climate tech innovation, with follow-on participation from National Grid Partners and Blue Bear Capital.

“Copper Labs’ unmatched visibility and insights into energy and water usage are instrumental in enabling energy efficiency and accelerating renewables adoption, and we believe the technology, once adopted at scale, will contribute to mitigating over 2.5 gigatons of carbon emissions between now and 2050,” said David Miller, managing partner at Clean Energy Ventures. “As the need for the management and reduction of demand on the grid escalates, utilities and consumers are hungry for the data and intelligence that Copper Labs can uniquely and cost effectively provide.”

Lisa Lambert, president of National Grid Partners, added: “Copper Labs’ demand management and grid modernisation help utilities navigate the growing challenges of balancing intermittent renewables, distributed energy resources and, up to now, unpredictable demand as we all work to decarbonise the grid,”

And Carolin Funk, partner at Blue Bear Capital, said: “With or without smart meters, Copper Labs opens up a high frequency data trove for consumers, utilities and smart-home providers to enable faster decision making. And we’re thrilled to partner again with Copper Labs on this next phase of growth alongside leading investors in this industry.”

In addition to the funding, Copper Labs welcomes Nora Mead Brownell, Clean Energy Ventures venture partner, to its board of directors. Brownell, previously served as commissioner at FERC and president of the National Association of Regulatory Utility Commissioners (NARUC), and is the co-founder of Espy Energy, an energy consulting firm.

“The Copper Labs team is on a mission to help utilities plan for a future with strained and limited resources all while recreating delivery systems fit for purpose,” said Brownell. “I’m excited to support the team as they empower customers and partner with mature industries adapting to rapidly changing externalities for a more sustainable future.”

Copper Labs delivers real-time, grid-edge usage and voltage data to utilities, partners, device vendors and network operators to accelerate the energy transition. The insights from its patented technology empower its customers to make smarter grid decisions across electric, gas and water infrastructure, provide more personalised services, and orchestrate load flexibility when it matters most.