SPAN Rakes in $96M to Ramp Up Home Electrification

SPAN, a San Francisco, CA-based smart electrical panel maker, raised $96 million in Series B2 funding led by Wellington Management. Existing investors Congruent Ventures, Capricorn Investment Group and Alexa Fund also participated.

The latest round follows a $90 million Series B raise in March and brings the company’s total funding to $231 million with a valuation of $600 million.

The startup competes with global electrical-equipment manufacturers such as Schneider Electric and Eaton and startups such as Lumin and Koben in the relatively new field of home electrical panels that can digitally monitor and control the flow of electricity through circuit breakers and household wiring.

SPAN, whose CEO, Arch Rao, is the former head of products at Tesla, began selling its smart electrical panel in 2020. As consumers electrify their homes, the panel is able to give them more control over and insight into how their homes are using energy.

The company intends to use the fresh funds to strengthen and maintain Span’s dominance in the home electrification industry by developing an R&D facility near its San Francisco headquarters and extending its cooperation network to new categories, including major home appliances, smart home gadgets and grid integrations.

“By developing a fully integrated, open ecosystem that puts the consumer in control of every aspect of their home, SPAN is positioned to be the conduit between electrified homes and the grid that we need in order to achieve our electrification goals and ensure a clean, reliable grid,” said Rao.