Span.IO, Inc.—creator of the SPAN smart electrical panel and SPAN Drive smart EV charger—today announced the closing of its $90 million Series B funding round, bringing the Company’s total funding to date to $134 million.
SPAN’s Series B funding round was led by Fifth Wall Climate Tech and Wellington Management. Other mission-aligned investors include Angeleno Group, Robert Downey Jr.’s FootPrint Coalition, Van Jones’ Obsidian Investment Partners, A/O PropTech and all of the existing board investors. The Company will use the new funding to continue developing the SPAN Home suite of energy products and solutions to drive commercial growth and accelerate electrification of homes.
SPAN, an innovator in the home energy management space, is led by a seasoned team of executives and engineers from Tesla, Sunrun, and Amazon. With its flagship product the SPAN smart electrical panel, the Company recently celebrated wins for “Best Home Technology Product” and “Best Energy Efficient Product” at the NAHB International Builders’ Show® 2022 Best of IBS Awards. Fast Company also named SPAN one of their 2022 “World’s Most Innovative Companies.”
“We started with reinventing the electrical panel, as it is the core component to any scalable path to electrification of homes, but the consumer experience demands more,” says Arch Rao, CEO and founder of SPAN. “We’re excited to deploy this new capital to expand our product offerings that simplify the decarbonization of homes, and to continue developing the unparalleled approach to home energy management that SPAN is uniquely positioned to deliver.”
“I am excited to continue supporting our portfolio company SPAN as they build the brain and infrastructure to electrify our homes at scale. We backed Arch Padmanabhan Rao and the SPAN team a year ago, and today we triple down on our investment and our conviction , much beyond our pro rata. We have been amazed by Arch’s leadership and the progress that the company has made across product, sales and strategic partnerships. Arch and his team are undoubtedly positioned to become a category leader in electrification and ultimately enable homes to be a core part of decentralized grids. SPAN is expanding their product offering by integrating EV charging and home automation products, further positioning the company’s platform as the infrastructure of choice for intelligent and scalable home electrification.”, says Gregory Dewerpe, founder of A/O PropTech
The Company is developing electrification products and solutions that address the growing needs of homeowners, recently announcing SPAN Drive, the Company’s new Level 2 electric vehicle charger. “EV’s are the first step toward electrification for many homeowners so an EV charging solution was a logical next step for SPAN,” says Rao. “Our solutions are designed to leverage the intelligence and capability of our SPAN smart panel, which enables a superior consumer experience and reduces the need for complex home upgrades. SPAN Drive will deliver adaptive charging and allow customers to power up their cars directly with clean, solar energy. SPAN Drive along with the SPAN Panel, create a strong foundation for future solutions, including bidirectional vehicle-to-home charging and helping the electrical grid to transition to cleaner, more stable energy sources,” confirms Rao.
SPAN is also adding to its senior leadership team with the recent additions of Ryan Harris joining as the Chief Revenue Officer, and Laks Venkatesan joining as SVP of Finance. Harris, formerly SVP of Sales and Marketing at Sunrun, and Venkatesan, formerly VP of Finance at Mosaic, bring experienced leadership to SPAN ahead of this next phase of commercial growth.
Since SPAN began shipping its first panels in the summer of 2020, the Company has seen an exponential increase in installations and adoption rates across the country. With panels now operating in over 36 states and in Puerto Rico, SPAN is set to become a market leader in home electrification.
