Arcadia raised $200 million from investors, including JP Morgan Asset Management to expand its climate data and software platform, company officials said.
Companies like Ford Motor Co use Arcadia to view aggregate data on energy usage and pricing in the United States, find customers for clean energy products, and manage electricity consumption. Arcadia is also connecting consumers in states like New York to large-scale solar projects through its utility companies.
Washington-based Arcadia funding round is valued at around $1.5 billion. The company has raised about $380 million since ever since it was established in 2014 and wants to use that money to increase the amount of data on the platform, expand globally, and help companies manage their carbon emissions.
By consolidating utility data points from many regions into one location, Arcadia informs customers when it's best to store clean energy, use solar power, and charge electric vehicles, Chief Executive Kiran Bhatraju said in an interview.
Some investors prefer software companies that are moving away from fossil fuels, leading startups on the quickest path to profitability as they don't have to spend a lot of money to make physical products such as electric cars and solar panels.