Light, an energy infrastructure platform enabling businesses to offer branded utility services, has secured $46 million in a Series A funding round led by Matrix.
The round, which included participation from Activate Capital alongside existing investors Spark Capital, Mischief, Gigascale Capital, MCJ, and BoxGroup, brings Light’s total venture funding to approximately $60 million. Including its credit facility, the company’s total capital now exceeds $100 million.
This financial milestone marks a significant operational shift in how power is distributed and monetized across the United States, transitioning regulated electricity from a legacy utility model into an embeddable software API layer.
Why This Matters: Overcoming Grid Complexity
Rising energy prices are forcing a structural shift in both corporate and household budgets. Today, U.S. electrical demand is rising to unprecedented highs due to the rapid growth of artificial intelligence infrastructure. At the same time, domestic residential electricity prices have surged nearly 40% over the last five years.
Typically, entering the retail electricity market requires years of backend compliance work to clear regional licensing, manage wholesale commodity risk, and build out complex grid integration architecture. The $46 million capital injection directly addresses these state-by-state regulatory hurdles that historically blocked non-utility corporations from selling power. Light will use the funding to absorb this operational burden, allowing partner companies to deploy fully compliant, customized electricity plans into their existing digital offerings in as little as two weeks.
Market Adoption and Revenue Growth
The Series A capital will scale an operational footprint that dominated new market entries over the past year. During the first half of 2026, 100% of all new electricity brands entering the competitive Texas power market launched utilizing Light’s API infrastructure, a notable increase from 70% of market entrants in 2025. This rapid market adoption drove a 10x increase in the company’s run-rate revenue over a consecutive 12-month period.
Today, Light’s infrastructure network covers over 500,000 homeowners and one million multi-family residential units. The platform accounts for more than 30% of all domestic residential solar sales through active deployments with major clean energy brands, including Palmetto, GoodLeap, Emporia, Public Grid, Lunar Energy, and Moved.
Vertical Integration and Multistate Expansion
Founded by former Plaid Head of Product Baker Shogry and co-founder Adam Wright, the platform applies the operational principles of embedded fintech infrastructure to heavily regulated energy markets. The platform’s current footprint allows companies across the real estate, mobility, and financial technology sectors to integrate electricity distribution directly into their existing product lines.
“Every decade has produced a new infrastructure layer that changed how companies build products and serve customers, from software to embedded financial services. Electricity is the next frontier,” said Baker Shogry, co-founder and CEO of Light. “Light removes the barriers, enabling any company to offer tailored electricity services as seamlessly as they offer payments, financing, or other products today.”
The newly secured capital will also fund geographic expansion outside of Texas. The company has secured a membership with PJM, the largest wholesale electricity market in the United States, clearing the regulatory path to launch operations in New Jersey, Pennsylvania, and Illinois.
Light is also launching expanded product capabilities that allow partners to bundle residential battery storage systems for grid resilience, deploy solar buyback programs, and launch subscription-based EV charging plans on a single software interface.
To support this multi-state expansion, Light plans to more than double its current headcount of 35 employees over the next 12 months, focusing mainly on engineering innovation and regional regulatory compliance.
Electric infrastructure startups have attracted billions of dollars VC funding in 2026. More recently, Joulent, a developer of AI-powered multi-gigawatt energy infrastructure to power North American data centers, secured a $1.75 billion strategic minority investment from National Grid Ventures, an investment arm of National Grid.
In another deal, Volue, a leader in AI-driven energy technology and electrification software solutions, secured fresh investment from TA Associates.