Clean Urban Energy (CUE), an energy storage and smart grid performance optimisation technology provider, has secured $7 million in Series A financing. The investment was co-led by Battery Ventures and Rho Ventures, and will be applied to rapid product development and a multi-city expansion within the United States.
CUE is headquartered in Chicago and plans to use this new capital to embark on a road show fueling strategic development in four new major U.S. cities, including: New York, Los Angeles, San Francisco, and Houston.
“This funding is an important and critical milestone for our business, and will enable us to accelerate product engineering and customer acquisition during this next phase of rapid growth,” said Rich Earley, CUE CEO. “The market knowledge and relationships that our new investors bring to the table will help us rapidly penetrate the property management and owner community to become a leading technology provider in the market.”
With this round, Jason Matlof from Battery Ventures and Joshua Ruch from Rho Ventures will assume seats on CUE’s board of directors.
USA, Chicago, IL