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Exclusive: HData raises $10M Series A to comb grid regulator data

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Illustration: Gabriella Turrisi/Axios

HData, a startup developing software that combs through energy regulatory filings, raised a $10 million Series A, the company tells Axios.

Why it matters: The reams of documents that public utility commissions produce contain key info for grid operators and can take weeks to read through entire batches.

Zoom in: HData's software crawls regulatory filings nationwide, alerts users to developments, and generates insights. It can also submit forms on behalf of energy companies.

  • The startup closed its Series A in January, led by Buoyant Ventures.
  • Victorum Capital, Hyde Park Venture Partners, and Firebrand Ventures participated.

Buoyant general partner Allison Myers joined HData's five-member board. The all-equity raise took about six months to close.

Big picture: America's power plants, transmission wires, and pipelines are overseen by a sprawling network of utility commissions and regulatory bodies, which have enormous sway over the pace and scale of the clean energy transition.

  • Each commission produces mountains of documents that can take weeks to read through.

State of play: HData is not alone in its mission. But the company says its software uniquely translates both "structured" data such as spreadsheets and "unstructured" data like a hearing transcript.

  • The approach can produce near-real-time intelligence to grid operators, consultants or regulators that once wasn't available.
  • "California utilities — you can see their operation and maintenance expenses jump during wildfire seasons," CEO Hudson Hollister tells Axios. "You see real-world events happening in the metrics."

What's next: HData, based in Birmingham, Alabama, has over 30 enterprise customers in the regulated energy sector, including electric utilities and pipelines, as well as utility commissions and consulting firms.

  • It's looking to provide insights beyond grid regulation. "The regulatory and compliance piece is very small," Myers, of Buoyant Ventures, says. "I think of this as energy transition intelligence."
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