Recent Deals – 30 August: Grid Management, Carbon Reporting, Electric Trucks
Agriculture & Food
PowerPollen, developer of an on-demand pollination solution that improves seed production by extending the lifespan of pollen, raised $13 million in a Series B funding round. Investment was raised from Ag Ventures Alliance, Iowa Corn Growers Association and other returning investors. The Ankeny-based company will use the funding to accelerate global adoption of its pollination on-demand technology in corn seed production and expand innovation to corn grain, wheat and rice.
Energy & Power
SparkMeter, provider of smart grid management solutions for micro-grids utilities and distribution utilities to improve grid efficiency and asset performance in emerging markets, raised $12 million in Series A funding from Breakthrough Energy Ventures, Clean Energy Ventures, Goodwell Investment and Total Energy Ventures. SparkMeter also announced its launch of Digital Solutions, a set of engineering and analytical tools that aid utilities in understanding the performance of their distribution systems.
Materials & Chemicals
Bloom Biorenewables, developer of deconstruction technology of lignocellulosic biomass into cellulose and lignin, secured $3.4 million from Yokogawa Electric Corporation. The funding will be used to complete Bloom’s biomass fractionation pilot project in Switzerland and secure pre-sales agreements across Europe. Bloom also signed a partnership agreement with Yokogawa, provider of industrial process automation solutions, giving it the rights to commercialize Bloom’s technology.
Resources & Environment
Persefoni, developer of artificial intelligence powered carbon footprint management and reporting platform for businesses, raised $3.5 million in seed funding in a round led by Rice Investment Group, with Carnrite Ventures and five angel investors participating. The investment will be used to launch the solution, as well as continue its development. The software tracks both direct and indirect emission sources and produces automated sustainability reports.
Transportation & Logistics
Xos Trucks, manufacturer of all-electric commercial trucks with customizable intelligent batteries, raised $20 million from Proeza Ventures and Build Capital Group. This funding will be used to expand operations and scale production of the X-Platform, the platform currently in use by Loomis and UPS. In addition to this funding, Elias Dieck from Proeza and Mark Lampert from Build Capital Group and former Daimler executive, will join the board.
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