Paren Inc., a software platform powering electric mobility with unified data insights, recently 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 Data For California
Paren was founded in 2023 to accelerate the adoption of electric vehicles (EVs) 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 US in 2024 and expects over one 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.
“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.
“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 with 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.”
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