Paren Secures $3M in Seed Funding alongside Acquisition of EVAdoption LLC to Power Unified Electric Mobility

Paren Secures $3M in Seed Funding alongside Acquisition of EVAdoption LLC to Power Unified Electric Mobility

PR Newswire

SAN FRANCISCO, Oct. 3, 2024

Paren, an EV data platform startup, raises capital from Base10 Partners

SAN FRANCISCO, Oct. 3, 2024 /PRNewswire/ -- Paren Inc., a software platform powering electric mobility with unified data insights, today announced that it has raised $3M in its first round of financing. The round was led by Base10 Partners. Founders Network Fund and Luc Vincent (founder, Google Street View and Lyft 5) also participated in the round. Paren will use the capital to scale its current data platform and build new services on top of it.

Paren was founded in 2023 with the goal of accelerating the adoption of electric vehicles by enabling a seamless driving experience. The company, after acquiring EVSession, LLC in March 2024 and experiencing accelerated growth, recently completed an additional acquisition of EVAdoption LLC, an EV infrastructure data and analysis firm. Loren McDonald, EVAdoption's founder and a trusted industry expert joins the executive team as Chief Evangelist.

Paren estimates that 100 million public fast charging sessions will occur in the U.S. in 2024 and expects over 1 billion charging sessions by 2030 at which time a projected 7.5% of vehicles in operation will be battery powered. Access to rich data sets, including EV charging station reliability, is key to realizing this expansion. As a neutral platform, Paren synthesizes fragmented data across the ecosystem into a unified model, addressing the limitations of closed-loop systems, and enabling more powerful applications to be built on top of its dataset. Paren's reliability analysis has been validated by a recent charger health study (source).

"We are thrilled to have the support of Base10 and our other investors as we address the foundational aspects of the EV charging infrastructure with unified data insights", said Florent Breton, CEO and Co-Founder of Paren. "With the continued momentum at Paren alongside the acquisition of EVAdoption, we welcome Loren as one of the most well-regarded experts in the industry.".

"Based on our lengthy EV driving experience, we know that charging on the public network requires seamless access to availability, reliability, pricing, amenities, and safety data," noted Bill Ferro, CTO and Co-Founder of Paren. "Our solutions are designed to empower automakers, map makers, fleet operators, and other enterprise customers to elevate the driver experience. Combining with EVAdoption's data will broaden our platform and allow for more robust product offerings."

This investment will allow Paren to grow its team, expand data sets, and scale its platform to meet the demand of enterprise partners. Notably, Paren is expanding its API access to reliability, plus augmenting its data sets around amenities, pricing, and safety to be seamlessly available to drivers using the national EV infrastructure.

"Paren's data offers unique insights into the EV charging industry that continue to unlock key business opportunities for us," said Brandon Stritch, CEO of StritchCo, a Charge Point Operator based in Florida and Paren Customer. "We look forward to benefiting from their expanded data sets and services to help us drive future revenue growth."

"Charging anxiety is one of the biggest blockers to EV adoption, and much of that is the result of charger reliability. This is a huge problem today that is only getting more acute as EV adoption and production goals uptick," noted Rexhi Dollaku, General Partner at Base10 Partners. "The team at Paren has deep industry expertise, familiarity with this point, and understanding/collaboration with the key market stakeholders. Paren has created a platform that we believe is uniquely positioned to solve the charger anxiety crisis."

Learn more about Paren at https://www.paren.app/

About Paren
Founded by Florent Breton (CEO) and Bill Ferro (CTO), Paren Inc is based out of San Francisco, Ca. Acting as a neutral platform, Paren aggregates, enriches, and serves the most comprehensive data on the essential aspects of EV charging. Its data is accessible via an online application or API Gateway.

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 to profits and in companies that are automating sectors of the Real Economy.

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SOURCE Paren Inc