Today, smart electrical panel maker SPAN announced a Series B2 fundraise of $96 million – here’s what it’s going to do next.
This follows a $90 million Series B fundraising round in March, and today’s announcement brings the company’s total funding to $231 million. This latest round was led by Wellington Management.
SPAN, whose CEO, Arch Rao, is the former head of products at Tesla, began selling its smart electrical panel in 2020. As consumers electrify their homes, the panel is able to give consumers more control over and insight into how their homes are using energy.
In other words, the SPAN Panel, which balances and monitors power flow, is an alternative to a full electrical upgrade for homeowners. The panel is much pricier than an analog panel at $4,500, but it might cost less than a full electrical upgrade.
The company says it will use its capital to develop an R&D facility near its San Francisco headquarters that will feature a microgrid environment where products will be tested in on- and off-grid scenarios.
It will also expand its partnership reach to new categories, including major home appliances, smart home devices, and grid integrations.
Rao told Electrek:
When consumers upgrade to more efficient electric appliances, high-speed EV charging, solar, and battery storage, too often they have to settle for a less-than-stellar customer experience or make expensive electrical service upgrades.
This new funding strengthens our technology leadership and continues to advance our development of the most integrated home electrification technology – providing homeowners the ultimate experience with maximum value in comfort, control, battery backup, and savings.
SPAN rolled out its Drive EV charger last year in partnership with rooftop solar company Sunrun, and it also has a partnership with home appliance company Kenmore.
Read more: SPAN’s new Level 2 EV charger works even if your house has less than 200 amp service
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