Energy data and tech company Arcadia has received a flood of new funding from the likes of JP Morgan Asset Management, Wellington Management, Salesforce Ventures and others.
Through its tenth funding round, its Series E, Arcadia raised $200m, which was led by JP Morgan’s Sustainable Growth Equity team, the late-stage venture and growth equity within JP Morgan Private Capital, the companies announced Tuesday.
The new funding round more than doubles the money the company has raised since it launched in 2014, bringing the total to more than $370m, according to data from Crunchbase.
Arcadia bills itself as “the technology company empowering energy innovators to fight the climate crisis” and provides extensive data about electricity use that can help users wean themselves from energy generated through fossil fuels.
For example, the company recently launched a service called Arc that allows users to see what times of day are associated with the highest cost or highest carbon in utilities grids across the country. That can help electric car owners decide when to charge to avoid times when power is more likely to be coming from fossil fuels. Arcadia also runs a community solar program that lets homeowners and renters join local solar farms.
“The recent IPCC report on mitigation highlights the necessity of accelerating innovation at scale to reduce greenhouse gas emissions, decarbonize the power grid and help communities develop renewable power,” JP Morgan senior climate scientist Sarah Kapnick said in a statement. “By exposing foundational energy data and building APIs, Arcadia is enabling the rapidly growing sector of companies building in this space.”
The new round of funding “will help accelerate the impact of Arcadia’s data and API platform, Arc, by expanding data coverage and new product development to empower companies to monitor, report and act on their carbon impact,” the company stated in Tuesday’s announcement.