Paces, a GIS and data platform, recently completed its Series A funding round, raising $11 million.
The round was led by Navitas Capital, an early stage venture capital fund, with participation from Suffolk Technologies and MCJ Collective, and existing investors Resolute Ventures, Soma Capital, and Y Combinator.
Paces provides software solutions to renewable energy developers that is designed to reduce time and provide transparency to site origination and permitting processes.
“Meeting the challenge of the energy transition requires new solutions to enable development of the energy ecosystem,” said Louis Schotsky, managing partner, Navitas Capital. “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.”
Paces reports that its software streamlines the traditionally manual process of site selection and project due diligence by consolidating and interpreting spatial, zoning, permitting, interconnection, and environmental data.
The software lets developers use their own custom parameters to locate the most viable sites for development. Then by using local, state and federal zoning, permitting and geospatial data, its core tool, Permitting Predictor, assesses risk and delivers concise summaries to empower developers to make informed decisions during due diligence.
“The Paces platform has significantly improved our site selection process and quality control, allowing us to increase the number of solar projects we deliver to communities across the country,” said Ned Horneffer, director of development, Third Pillar Solar.
The company reports that it will put the $11 million in new funding to use in enhancing its software platform, expanding availability of Permitting Predictor across the U.S. and enhancing its data intelligence.
“Paces is committed to maximizing the climate benefits of every piece of land,” said James McWalter, co-founder and CEO, Paces. “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.”
Paces reports that its current client list includes EDF Renewables, AES, along with Third Pillar Solar.
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