SparkMeter raises $10m to advance metering technology

  • April 4, 2022
  • Steve Rogerson

Washington DC-based SparkMeter has raised $10m to accelerate growth in implementing its advanced metering technology to emerging markets globally.

The funding will enable SparkMeter to introduce a grid analytics platform based on intelligent metering.

SparkMeter provides grid management services, equipment and software Its technology helps utilities address daily problems that arise from poor grid edge visibility, congestion, and stress on lines and transformers, and plan for new grid dynamics such as DERs and EV chargers. The technology combines real-time data streams from the edge of the utility’s network with a detailed model of the grid, creating a digital twin.

“SparkMeter has become the most widely used plug-and-play grid management technology using advanced meters,” said Dan Schnitzer, CEO and founder of SparkMeter. “It’s the most economical available to utilities in emerging markets when it comes to data reliability in places with low bandwidth internet, while also providing meter to cash capabilities and in-depth grid analytics.”

SparkMeter will be releasing the first stage of its Koios software platform this month. Koios is an easy-to-use interface that can do meter-to-cash, detailed system insights, and smooth integrations to improve distribution system operations.

The $10m funding round was led by Accurant with participation from existing investors Breakthrough Energy Ventures and Clean Energy Ventures. This financing brings SparkMeter’s total financing to $22m.

“SparkMeter is deploying a first-of-its-kind advanced end-to-end metering and operational analytics for electricity providers,” said Bahman Hoveida, founder of Accurant International. “Our team’s experience in the global utility sector uniquely positions us to help accelerate SparkMeter’s growth and introduction of its solutions to distribution utilities worldwide.”

Hoveida founded Open Systems International, which was acquired by Emerson Electric in 2020 for $1.6bn.

Carmichael Roberts of Breakthrough Energy Ventures, added: “SparkMeter has been very successful in the microgrid sector, and its latest technology development will enable the expansion of reliable power to distribution utilities in the same underserved regions.”

Utilities around the world face the challenge of providing electricity via aging and deteriorating grid assets while meeting growing customer demand, which often results in unreliable energy access. SparkMeter’s technology helps utilities improve their reliability and collections, which accelerates the retirement of expensive and dirty diesel generators while deploying cleaner sources of energy.

“The grid of the future will need to be reliable, responsive and secure as global electricity demand surges, and emerging markets will need innovative and cost effective solutions such as the SparkMeter’s offering to help decarbonise their energy systems while expanding equitable energy access, especially in Africa and Asia,” said Daniel Goldman, managing partner of Clean Energy Ventures.

With the use of modern industrial IoT technology platforms such as SparkMeter, utilities can leapfrog the IT-heavy paradigm of advanced metering infrastructure (AMI) systems. SparkMeter’s ecosystem of integrated hardware and software offers a plug-and-play method for utilities more economically, while lowering the maintenance burden.

SparkMeter, founded in 2013, provides grid-management tailored to emerging markets, where 3.5 billion people live without reliable electricity access. Its plug-and-play offering enables microgrids and distribution utilities operating in remote locations to access a range of features – flexible billing, customer communications, and remote monitoring and control – that improve their operations and help them achieve financial sustainability.