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The energy sector has long been notorious for crimes against climate, but with new tech companies entering the scene and offering green data initiatives, this reality is quickly improving. One such disruptor is Arcadia, a climate technology company that primarily specializes in green data access through application programming interface connectivity and its Arc platform.
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Arcadia was recently the recipient of $125 million in funding, which will go toward scaling its existing platform and portfolio of community solutions for energy companies. In this report, we’ll cover the main facts of this funding round as well as more information about what Arcadia is doing to combat the climate crisis and the energy sector’s role in it.
Founded in 2014, Arcadia is a climate technology company that focuses on providing data transparency and access to energy companies, so they can optimize their products and services for both customers and climate. The company offers its users massive utility datasets — comprising data from 95% of all U.S. utility accounts — to give them comprehensive insights into the energy data they need to make climate-informed decisions. These datasets are primarily created and accessed through Arcadia’s Arc platform.
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Beyond the Arc platform, Arcadia invests in clean energy development for consumer use by managing the largest U.S. portfolio of localized solar farm contacts.
Some of the company’s recent accolades include an agreement with Salesforce to serve as the utility data provider for Salesforce Net Zero Cloud as well as a recent acquisition of Urjanet.
Fast facts about Arcadia’s latest funding
This latest round of funding gives Arcadia considerably more resources to scale its products and services. Here’s what we know about this latest $125 million funding round:
- $125 million was raised, with funding from Magnetar Capital, Keyframe Capital and Macquarie Asset Management’s Green Investment Group.
- Eric Scheyer of Magnetar has joined the Arcadia board of directors.
- Funding will primarily go toward advancing Arcadia’s Arc platform, which offers integrated APIs to help energy companies access helpful utility data.
- Funding will go toward scaling and improving Arcadia’s community solar portfolio.
About Arcadia’s Arc platform
Arcadi’s Arc platform promises users widespread access to commercial and residential energy data, giving them the knowledge they need for greener energy development in the future. The platform achieves this level of data access through its integrated suite of APIs.
“Our platform is unlocking the big grid worldwide, providing simple APIs and software solutions for hundreds of the leading companies across electrification,” said Kiran Bhatraju, founder and CEO of Arcadia. “Our customers are driving residential and commercial decarbonization through personalized energy solutions that couldn’t exist without easy access to utility data, tariffs and payments.”
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As is evidenced from Bhatraju, the platform’s dataset does not solely focus on energy consumption; it also gives users information about total utility accounts onboarded, processed utility payments and other important data, alongside helpful reporting and data analytics features.
Although the Arc platform’s footprint is most prominent in the United States, it also offers “access to data from thousands of utility providers in 52 countries.”
Eric Scheyer, head of Magnetar’s energy and infrastructure group and the latest member of Arcadia’s board of directors, revealed that he believes this platform is going to be an important piece of the global decarbonization puzzle: “The Arc platform, with its robust scale and an emphasis on data integrity, is positioned to play a key role in supporting the decarbonization efforts and innovations that are becoming integral to the global economy.”
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