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Fervo Energy raised $244M in a funding series TBD led by Devon Energy Corp. and Glean raised $200M in a funding series D led by Kleiner Perkins and Lightspeed Venture Partners.

Mar 01, 2024almost 2 years ago

Amount Raised

$542

Round Type

series d

HoustonEnergy

Investors

Lightspeed Venture PartnersKleiner PerkinsDevon Energy Corp.

Description

Fervo Energy, a geothermal developer, locked up a big $244 million round led by shale oil and gas firm Devon Energy Corp. The new cash will support Fervo’s new drilling operations in Utah — which will begin delivering clean electricity to the grid in 2026. Glean, an AI-enhanced work assistant and enterprise search startup, locked up a more than $200 million Series D at a $2.2 billion valuation in a round led by Kleiner Perkins and Lightspeed Venture Partners.

Company Information

Company

Fervo Energy

Location

Houston, Texas, United States

About

Fervo Energy provides 24/7 carbon-free energy through the development of next-generation geothermal power. Fervo’s mission is to leverage innovation in geoscience to accelerate the world’s transition to sustainable energy. Geothermal has a major role to play in the future electric grid, and Fervo’s key advancements in drilling and subsurface analytics bring a full suite of modern technology to make geothermal cost competitive.

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Funding Insights

Based on industry data
VC-backed spending patterns
VC-backed companies spend 89% more on sales and 100% more on marketing than bootstrapped peers
Tech investment trends
83% of B2B companies plan digital investments, with 79% prioritizing customer experience tech