Monterra Raises $2.5M Series Pre-Seed to Accelerate EV Charging Design & Planning
Wednesday, December 6, 2023
Software company helping contractors and engineers design, plan, and sell EV charging installation faster raises from Base10 Partners, others.
SAN FRANCISCO, Nov. 28, 2023 /PRNewswire/ -- Monterra, a software company automating the design and planning of EV charging installations, has raised a $2.5M Pre-Seed round. The company will leverage the funds to accelerate its work of speeding up the deployment of EV charging installations with automation and AI.
The round was led by Base10 Partners, and with participation from Future Climate Venture Studio, Very Serious Ventures, and a handful of other angel investors, including some of Monterra's early customers.
In the US alone, nearly 30 million EV chargers will be needed to support 33 million EVs on the road by 2030. That is 20 times the current installed base.
Monterra is building design & proposal software for EV charging installers. By using Monterra to build virtual estimates in a matter of minutes, installers reclaim many hours wasted on manual work and win more sales. Monterra also helps installers digitize the on-site data collection process with its mobile app. Since their launch in August, Monterra has onboarded a number of electrical contractors and EV charging providers onto its platform.
David Kim, CEO and co-founder at Monterra, comments:
"Electrifying transportation is a key pillar of decarbonization, and the demand for EVs is booming. Swiftly expanding charging infrastructure is crucial to keep up the pace of transition. In recent years, the industry has seen a lot of innovation across vehicle, battery, and charging technologies but not enough to support the installers, who are at the forefront of constructing and deploying charging stations. That's where Monterra comes in - to help electricians, developers, and engineers work more efficiently, build faster, and grow their business."
Monterra believes that software can transform how chargers are planned & installed.
"Large EV charging projects can get complex - from selecting the right conduits and wires to verifying sufficient cell signal. But, well-designed software and AI can bring down the 'soft costs' for these projects and drive a step-change improvement in efficiency." noted Kelson Reiss, CPO and co-founder.
Monterra's vision is resonating with their early customers. Brian Morales, President & CEO of ProCal, a San Diego based engineering, design & installation firm specializing in lighting, electric vehicle solutions and clean energy projects, comments:
"It's truly impressive to witness how Monterra is revolutionizing the game for ProCal in the EV charging industry. The integration of Monterra's toolkits equipping our salesforce is a game-changer. This efficiency boost allows us to not only handle a higher volume of proposals but also pursue a greater number of EV charging opportunities. This means we're casting a wider net and positioning ourselves as leaders in this rapidly growing market. Moreover, the platform acts as a crucial bridge between the immense market potential and our business development team. With Monterra, our BD now have a powerful tool at their disposal to actively chase after EV charging projects. This seamless connection ensures that we're tapping into billions of dollars worth of opportunities that might have otherwise been overlooked."
Monterra plans to use this round of funding to grow its team and accelerate product development - to streamline installers' workflows across different stages of EV charging projects, from initial design and planning to post-installation maintenance.
Monterra was co-founded by David Kim, who worked with utilities and energy companies to design EV charging programs, deploy smart grid infrastructure, and plan energy efficiency programs, and Kelson Reiss, who brings product and technical expertise from his work shipping software to millions of users at leading tech companies.
"With increasing consumer demand for electric vehicles, favorable regulations, and OEM commitments, the market for EV charging has been growing rapidly. We believe there is considerable opportunity to bring speed and efficiency to EV charging deployment as this market grows, and expect it to play out as it has in industries like solar," noted Rexhi Dollaku, General Partner at Base10 Partners. "When we met David and Kelson, we were blown away by their obvious excitement for the opportunity and the space. Their tenacity and vision for the product combined with the business's obvious fit with our Real Economy Automation focus made for a great partnership between Monterra and Base10."
Monterra Technology Inc. was founded in 2022 to help EV charging installers design and plan projects faster. With Monterra, EV charging contractors speed up site walks, build virtual quotes in minutes, and automatically generate customer-ready sales proposals. Learn more at: monterra.ai.
About Base10 Partners
Founded by Adeyemi Ajao and TJ Nahigian, Base10 is a San Francisco-based venture capital fund investing in founders who believe purpose is key profits and companies that are automating sectors of the Real Economy, including transportation, retail, logistics, and construction. The Advancement Initiative, Base10's growth-stage fund, donates 50% of profits to underfunded colleges and universities to support financial aid and other key initiatives. Portfolio companies include Notion, Figma, Nubank, Nowports, Motive, Chili Piper, and Popmenu. Connect via base10.vc.
View original content to download multimedia:https://www.prnewswire.com/news-releases/monterra-raises-2-5m-series-pre-seed-to-accelerate-ev-charging-design--planning-301998516.html
SOURCE Monterra Technology Inc.
|ECI Software Solutions to Lead Two Education Sessions for Residential Construction Professionals at 2024 International Builders' Show | Feb 27, 2024
|Innovent Solutions Releases FindTuner® for Drupal Commerce | Feb 27, 2024
|Target Hospitality Announces Appointment of John C. Dorman to Board of Directors | Feb 27, 2024
|RTX's Pratt & Whitney Opens Expansion Site at Eagle Services Asia Facility in Singapore | Feb 27, 2024
|AudioEye Introduces Enhanced Enterprise-Grade Capabilities Focused on Compliance and Security | Feb 27, 2024
|PMI Citizen Developer(TM) awards Kissflow Gold Tier Recognition | Feb 27, 2024
|Business Email Security Updates Critical to Keep Pace with Emerging Threats | Feb 27, 2024
|Global Curtain Wall Market Outlook & Forecasts Report 2023-2029: Integration of Smart Technologies - Transforming Curtain Walls into Intelligent Building Components | Feb 27, 2024
|Sense Expands Leadership Team, Adding Senior Vice President of Marketing and Senior Vice President of Product | Feb 27, 2024
|Optoma Introduces Creative Touch 3-Series Interactive Flat Panel Displays | Feb 27, 2024