Congruent Ventures-backed Span has collected $20m in fresh financing from a consortium led by Munich Re Ventures’ HSB Fund.
Span, a US-based smart fuse box technology developer backed by University of California-linked venture firm Congruent Ventures, obtained $20m in funding led by HSB Fund.
Alexa Fund, operated by e-commerce and internet group Amazon, also took part, as did unnamed, existing shareholders.
HSB Fund is one of three vehicles managed by Munich Re Ventures, the corporate venturing arm of reinsurance group Munich Re. The fund specifically invests on behalf of Munich Re’s specialty reinsurance subsidiary Hartford Steam Boiler.
Span has developed an electrical panel that allows homeowners to monitor and control their energy usage at the circuit level through a mobile app. The company hopes its technology will facilitate the adoption of clean energy.
It began shipping its product last summer and will use the latest cash injection to expand its market reach and to develop additional products. In conjunction with Amazon’s investment, Span also announced it had integrated its smart assistant Alexa’s capabilities into the app.
Paul Bernard, director of Amazon Alexa Fund, said: “As Amazon continues to expand its smart devices portfolio and home services business, we see Span’s energy control and automation as an important new area for innovation which will add value to our customers.”
Span previously secured $10.1m in series A funding led by ArcTern Ventures in May 2020, when Capricorn Investment Group, Incite Ventures and undisclosed existing investors also participated.
The company previously secured $3m from undisclosed backers in early 2019, according to a securities document.
It has identified Congruent Ventures, Wells Fargo’s venture unit Strategic Capital, Wireframe Ventures, Ulu Ventures, Energy Foundry, Hardware Club and 1/0 Capital as shareholders without offering further details.
