David Energy, a New York City-based grid technology company, has announced the completion of a $23 million funding round led by Cathay Innovation. The round included participation from investors such as Union Square Ventures, Keyframe Capital, Equal Ventures, and BoxGroup.
The funding will support the company's efforts to operate the grid continuously on clean energy. Following a Series A funding round in March 2022, David Energy has expanded its energy spend management platform, now serving over 1,000 locations across New York, New Jersey, Massachusetts, and Texas.
Simon Wu, a partner at Cathay Innovation, remarked, “David Energy is completely redefining what it means to be a retail energy provider with a modern, tech-forward and vertically integrated approach designed for the clean energy era.” He emphasized the company's growth and its focus on small commercial businesses.
Since its launch in 2019, David Energy has raised a total of $50 million from various venture capital and strategic investors.
