Exclusive: Smart-panel developer Span doubles Series B to $186M
Home electrification startup Span more than doubled the size of its Series B with another $96 million, the company tells Axios.
Why it matters: The company turns electrical panels into a Swiss army knife that enables homeowners to go all-electric while keeping energy bills in check.
How it works: Span sells software-equipped electrical panels that manage energy consumption — and utility bills — as more homes convert to electric stoves, heat pumps, EV chargers and other devices.
Details: Wellington Management led the all-equity round.
- Qualcomm Ventures participated, along with existing investors Congruent Ventures, Capricorn Investment Group, Munich Re Ventures, Fifth Wall, A/O PropTech, Qualcomm Ventures and Amazon’s Alexa Fund.
- Wellington and Fifth Wall led the first close of Span's Series B, which raised $90 million last year.
Of note: Span CEO Arch Rao was head of products for Tesla Energy.
What's next: Span plans to put the capital toward an R&D site it's developing near its headquarters in San Francisco.