Energy infrastructure software startup Paces announced today that it has raised $11 million in a Series A funding round, aimed accelerating the deployment of grid-connected clean energy infrastructure projects.
Founded in 2022, New York-based Paces provides software solutions for clean energy infrastructure developers to identify the best places to build and manage their projects, providing data on zoning, permitting, and interconnection. According to the company, the AI-based software is designed to condense site selection and project due diligence assessments for clean energy infrastructure projects from “months to minutes.” The company’s tools gather data on environmental restrictions, moratoriums, prime farmland, soil types, permitting requirements and more, replacing a cumbersome manual process and accelerating and de-risking site selection.
According to Paces, the new capital will enable the company to enhance its software platform and data intelligence, and expand the availability of its solution across the U.S.
James McWalter, Co-Founder and CEO of Paces, said:
“Paces is committed to maximizing the climate benefits of every piece of land. By expanding our capabilities to accelerate additional components of the due diligence process and serving new sectors like EV charging and data centers, we’re taking a significant step towards realizing this goal. This Series A funding will fuel our growth and impact, allowing us to enhance our platform and support the entire clean energy infrastructure ecosystem.”
The round was led by Navitas Capital, with participation from Suffolk Technologies and MCJ Collective, and existing investors Resolute Ventures, Soma Capital, and Y Combinator.
Louis Schotsky, Managing Partner, Navitas Capital, said:
“Meeting the challenge of the energy transition requires new solutions to enable development of the energy ecosystem. We are incredibly excited to support Paces as they expand their transformative approach to pre-construction for grid-connected projects. Paces is tackling the critical challenges of electrifying our economy, accelerating the development of renewable energy and industrial load projects and streamlining the energy ecosystem.”