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 last year with the goal of accelerating the adoption of electric vehicles by enabling a seamless driving experience. The company, after acquiring EVSession in March 2024 and experiencing accelerated growth, recently completed an additional acquisition of EVAdoption, 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 realising this expansion. As a neutral platform, Paren synthesises 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.
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."
