Introducing Texture — The Operating System for Energy Networks
Turning the distributed energy economy into the internet
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Our core belief within our climate thesis is that we are experiencing a once-in-a-lifetime inflection point of the grid, the development of a distributed energy economy. While the grid has long operated like an industrial supply chain for much of the last century, the explosive growth of internet-connected energy devices (also known as Distributed Energy Resources or DERs) is demonstrating an adoption curve that outpaces the growth of users on the internet from 1990-2020. This inflection point represents limitless possibilities for how we use, consume and manage energy.
Equal’s fundamental belief is that the grid of tomorrow will look much more like the internet than its current analog manifestation today and it’s our responsibility to invest in the tools capable of enabling this digital transformation. As the grid migrates to this distributed future, supply and demand can no longer be managed in siloed control towers with central planning. Energy markets now require real-time communication across millions of power sources and billions of demand nodes. We believe that this future mirrors the arc of the internet, where we moved from siloed walled gardens (intranets) to real-time collaborative systems (the world-wide web). Where we are lacking is the connective tissue between existing energy systems (the intranets of the grid). This is what will enable real-time interoperability across stakeholders, not just within. That is where the true magic of the internet was unlocked and where we believe it will be unlocked for the grid.
Enter Texture — the first operating system for energy networks, turning the distributed energy economy into the internet.
As an operating system for energy networks, Texture is a centralized hub for energy companies to access, use, and share their data within an open ecosystem. If you manage DERs, you can be a Texture customer. Not only does Texture enable unprecedented visibility of device data, but it creates new ways for customers to engage with DERs like never before.
Texture collects data from various sources. This includes device data across all DER types, from batteries to solar to heat pumps. Texture also collects inputs from 3rd party data & applications that provide information on usage, location, tariffs, emissions, weather, market intelligence, and so on.
Once gathering all this data, Texture systematizes it to create a single source of truth. Instead of data living in siloed walled gardens, Texture helps customers access all of their data in one place and generate new insights for its energy network.
Integrated on Texture, customers can use the platform for a variety of use cases. Some use cases include preventative maintenance, compliance reporting, streaming data to customer applications, and batch control of devices for energy management (using specific rules - device type, geography, capacity, etc.).
Since starting the company in August 2023, the platform already supports over 85% of DERs in the market. They are working with nearly a dozen customers and have secured key partnerships for devices, tariffs, meter data, and emissions. Due to the team’s technical expertise, the company is moving quickly and developing at unprecedented product velocity. Customers can sign up in minutes and integrate their whole network in a few short days.
In March 2022, Equal published its thesis on digital infrastructure in Climate Tech VC titled “Lessons from Plaid for a Future Energy Unicorn.” This piece led us to dozens of companies looking to build a data connectivity layer for the energy ecosystem. Amidst this process, Rick DM-ed Sanjiv Sanghavi – formerly Head of Product at Arcadia, Knotel and ClassPass (where he was also a Co-Founder). Initially the relationship started as collaborators in the climate ecosystem, trading notes on deals, research, and events to attend. Eventually conversations tilted towards starting another company. Given Sanjiv’s experience as one of the most accomplished product leaders in the NYC ecosystem (including at one of the few climate unicorns) and his deep network of emerging climate companies that could be potential users, one could argue that Sanjiv is one of the most qualified people to build this company.
We are thrilled to share our investment into Texture, alongside Lerer Hippeau, Abstract Ventures, and Day One Ventures. This round also includes personal participation from industry leaders like Kiran Bhatraju (Arcadia), Naveen Selvadurai (Foursquare, Expa), Chris Kemper (Palmetto), Michael Ruehlman (Swell, Sunlight) and Prem Ramaswami (Google). With Texture launched in the Equal HQ and now based in Chelsea, NYC, we couldn’t be more excited about the opportunity to partner with the Texture team.
