Congruent Ventures-backed fuse box technology developer Span has raised fresh funding from investors including ArcTern Ventures.
Span, a US-based smart fuse box technology business backed by University of California-linked venture firm Congruent Ventures, has closed a $10.1m round led by venture capital fund ArcTern Ventures, TechCrunch reported yesterday.
The deal was also backed by investment firm Capricorn Investment Group and investment fund Incite Ventures as well as undisclosed existing investors.
Span is developing a fuse box that connects to the owner’s electricity network to accurately monitor power as it flows around their property and disconnect the supply when the voltage becomes dangerously high.
Users download a mobile app to control the fuse box and can access energy-related services offered by third-party vendors.
Span’s partnerships include an agreement with battery and consumer electronics supplier LG, and the company is initially focusing on customers in Hawaii and California to capitalise on local government incentives.
Mary Powell, former CEO at electricity supplier Green Mountain Power, has joined the company’s board as an independent director.
Span had previously obtained $3m of a $3.5m equity round from undisclosed investors in January 2019, according to a regulatory filing.
In addition to Congruent Ventures, the company has also been backed by Wells Fargo’s venture unit Strategic Capital, Wireframe Ventures, Ulu Ventures, Energy Foundry, Hardware Club and 1/0 Capital.