David Energy, an electricity supplier and technology company, fundraises $19 million in new financing drive

David Energy, a startup company specializing in retail electricity supply and energy use software development, has raised approximately $19 million in new funding. This was revealed through a press statement released by the company on February 10, 2021. One of the big names that funded this fundraiser is Equal Ventures, a seed-stage venture fund that finances small businesses and startups that develop ground-breaking technology. The firm, founded by Richard Kerby and Rick Zullo, contributed about $4.1 million to this fund drive.

Another capital firm that funded this drive is Hartree Partners, which added a $15 million working capital facility that will cover the developments started by David Energy. Hartree Partners is a well-known provider of funds for energy-related commodities and trading services. They provide liquidity on markets and advise startup energy companies of potential risks in the development process. One of the company’s technologies, Mycor, analyzes energy data from consumers’ buildings to paint a clear picture of how energy is used and provides tools to cut costs and save clients money.

The Mycor software works in different capacities, such as asset tracking energy use and adjusting demand charges. This is achieved by integrating client’s devices in homes and buildings with the software. It works with a variety of energy devices such as battery storage, EV (electric vehicle) chargers, heating, ventilation, and air conditioning (HVAC) systems, and solar devices.

“We intend to build the Standard Oil of renewable energy, and the first step of vertical-integration is becoming a supplier,” said David Energy CEO and co-founder James McGinniss. As the world shifts to greener energy, there is a need to develop an easy-to-use platform that controls how energy from these renewable sources is used to maximize their potential and cut costs.

“Renewable energy generators are fundamentally different in their variable, distributed, and digitally-native nature, compared to their fossil fuel predecessors, while customer loads like heating and driving are shifting to electricity consumption from gas,” added McGinniss.

Mycor was developed to bridge the gap between the old energy dynamics and the new renewable energy markets. “The sands of market power are shifting, and incumbents are poorly positioned to adapt to evolving customer needs, so there is a massive opportunity for us to capitalize,” explained McGinniss.

David Energy was founded in 2017 in Brooklyn, New York. It has had two milestones since its establishment. In 2020, the company raised $1.5 million in its first funding led by the Box Group and Greycroft. Testimonials praising the Mycor software have already come up, the latest being from Jack Resnik & Sons, a real estate developer in New York. They used the software to monitor daily energy usage, deliver actionable suggestions, remit optimum set points and equip engineers with better management practices.