Utility companies have a problem: Their "smart grids" were created to solve billing problems from a decade ago, not the needs and expectations from 2022 consumers with electric cars, solar panels and an obsession with real-time data. Copper Labs just raised $5.5 million to help them solve that problem, with an elegant little hardware device that serves as a bridge between the low-resolution smart meters and the consumer's internet connection.

"The problem is even the most sophisticated electric Smart Grid deployments right now are only telling utilities what happened yesterday, and only in 15-minute intervals," says Dan Forman, CEO at Copper Labs. "A lot of them are only getting that data once every 30 days. If you go beyond electricity into gas and water, most of those guys are still accessing data once every 30 days. The pace of disruption on the grid is not being matched by the pace of innovation. We're helping utilities find more cost-effective ways to deliver the solutions they need."

The company raised $5.5 million led by Clean Energy Ventures (CEV), a venture capital firm funding early-stage climate tech innovation, with follow-on participation from National Grid Partners and Blue Bear Capital. With the new round of funding, Copper Labs plans to grow its sales, engineering and marketing teams over the next year to accelerate adoption nationally across utility territories. In addition to the funding, Copper Labs welcomes Nora Mead Brownell, Clean Energy Ventures venture partner and former FERC Commissioner, to its board of directors.

"The Copper Labs team is on a mission to help utilities plan for a future with strained and limited resources all while recreating delivery systems fit for purpose," said Brownell. "I'm excited to support the team as they empower customers and partner with mature industries adapting to rapidly changing externalities for a more sustainable future."

Copper Labs is essentially unlocking a trove of data the utility companies haven't been able to access to date -- especially important in a world where real-time data is a potential driver for behavioral change. It's no good, for example, to tell a consumer that they were charging their Tesla during peak hours 11 days ago -- at that point, the end-user can't remember why they plugged their car in. At that point, the damage to their electrical bill -- and the environment -- is already done.