What is OhmConnect?
OhmConnect, founded in 2014 and based in Oakland, CA, operates a residential energy flexibility platform. The company empowers homeowners to manage their energy consumption more effectively, contributing to grid stability and reducing reliance on fossil fuels. By enabling participation in demand response programs, OhmConnect transforms individual homes into virtual power plants, offering a crucial service to utilities seeking to balance supply and demand. This innovative approach positions OhmConnect at the forefront of the clean energy transition, leveraging technology to create a more sustainable and efficient energy future.
How much funding has OhmConnect raised?
OhmConnect has raised a total of $143.8M across 4 funding rounds:
Series B
$8.5M
Debt
$350K
Private Equity
$80M
Series D
$55M
Series B (2018): $8.5M with participation from Mike Maples, Mark Pincus, Jerry Yang, Jennifer Fonstad, Dan Skaff, Josh Cohen, and Kat Taylor
Debt (2020): $350K led by PPP
Private Equity (2020): $80M supported by Sidewalk Infrastructure Partners
Series D (2022): $55M featuring ClearSky, Sidewalk Infrastructure Partners, and Telus Ventures
Key Investors in OhmConnect
Sidewalk Infrastructure Partners
Sidewalk Infrastructure Partners focuses on pioneering technology-enabled infrastructure to enhance urban life and create long-term value. The company invests in and develops innovative businesses and projects that address the growing demands for resilient, intelligent, and scalable energy and digital systems. Their notable ventures include Renew Home, which operates residential virtual power plants, and Verrus, which designs sustainable data centers. Sidewalk Infrastructure Partners aims to transform critical infrastructure to meet the challenges of modern energy and computing needs.
Telus Ventures
Telus Ventures is the venture capital arm of Telus Corporation, a Canadian telecommunications company. They focus on investing in companies that align with Telus's strategic priorities, particularly in areas such as health tech, AI, IoT, and digital transformation. Telus Ventures seeks to foster innovation and support the growth of promising technology startups that can enhance customer experiences and drive future growth for Telus.
Kat Taylor
Kat Taylor is a Seattle-based artist specializing in ceramic sculptures that celebrate women and goddess figures. With over twenty years of experience, her work has been showcased in various locations and is part of collections across the US and Canada. In addition to her sculptures, she offers a limited-edition set of Contemplation Cards, which are used for meditation and reflective writing, with proceeds supporting the Emergency Feeding Program of Seattle. Her website serves as a platform to share her artistic journey and connect with art enthusiasts.
What's next for OhmConnect?
With the recent influx of major strategic investment, OhmConnect is poised for accelerated growth and market expansion. The company is expected to further enhance its platform capabilities, deepen its partnerships with utility providers, and broaden its customer base. This substantial backing will likely fuel innovation in areas such as grid optimization, renewable energy integration, and advanced energy management solutions. OhmConnect's strategic direction points towards solidifying its position as a leader in the distributed energy resource management space, driving significant impact in the clean energy economy.
See full OhmConnect company page
