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§ Public · Millbrae, CA, USA
Stem is a technology company.
Stem delivers AI-driven clean energy solutions and services, centered around its PowerTrack software suite. This platform provides advanced analytics, remote diagnostics, and performance reporting tools for solar and energy storage assets. PowerTrack encompasses Energy Management Systems, SCADA, Power Plant Controllers, and Logger solutions, optimizing the intelligent operation and management of clean energy infrastructure.
Stem was established in 2009, founded on the recognition of a critical need for intelligent solutions amidst growing conversations around grid modernization and the inherent intermittency of renewable energy sources. This insight drove the company to develop technologies addressing the operational complexities of clean energy assets.
The company's offerings serve a diverse clientele, including asset owners, operators, project developers, and utilities globally. Stem's overarching vision is to unlock energy intelligence, converting intricate data into actionable insights for its customers. It aims to drive the ongoing energy transition by refining its AI-driven technology, ensuring optimal performance across the clean energy sector.
Stem has raised $410.9M across 9 funding rounds.
Stem has raised $410.9M in total across 9 funding rounds.
Stem, Inc. (NYSE: STEM) is a San Francisco-based technology company specializing in AI-driven software and services for clean energy asset management, enabling customers to plan, deploy, and operate solar, energy storage, and hybrid systems.[1][2][4] It serves over 16,000 global customers—including energy traders, utilities, asset owners, developers, and grid operators—across commercial, industrial, and utility sectors, solving challenges in energy optimization, cost reduction, grid stability, and decarbonization through its flagship PowerTrack platform (formerly Athena), which leverages real-time AI analytics on markets, weather, and demand.[3][4][5] With 569 employees and management of 30+ GW solar and 1.5+ GWh storage assets in 55+ countries, Stem demonstrates strong growth momentum via software-centric shifts, international expansion, and a focus on lifecycle services.[2][4][5]
Founded in 2009, Stem emerged amid the early boom in solar and renewable energy, initially focusing on intelligent energy storage solutions to address inefficiencies in clean energy deployment.[2][3] The company's roots trace back to pioneers in solar and storage, evolving over nearly 20 years into a global leader by integrating AI software with hardware and services.[1][4] Key leadership includes CEO Arun Narayanan, who recently outlined a software-first strategy, and CTO Albert Hofeldt, Ph.D., driving R&D in energy tech.[2][3] Pivotal moments include scaling to 16,000 customers, rebranding Athena to PowerTrack, and recent SEC filings signaling employee stock plans and earnings growth amid a strategic pivot.[2][4]
Stem stands out in the clean energy space through:
Stem rides the global energy transition wave, fueled by decarbonization mandates, rising renewables penetration, and AI's role in grid modernization amid volatile energy markets.[1][3][5] Its timing aligns with surging demand for storage to balance intermittent solar/wind, supported by policy incentives and falling battery costs, positioning Stem to capture a slice of the multi-trillion-dollar clean energy market.[3] By optimizing 30+ GW assets, Stem influences the ecosystem through data-driven insights that enhance utility-scale projects, reduce emissions, and enable utilities/load-serving entities to integrate renewables seamlessly, accelerating adoption worldwide.[4][5]
Stem's trajectory points to accelerated software revenue growth via PowerTrack expansions, deeper international penetration (e.g., Europe, Asia), and AI enhancements for emerging trends like vehicle-to-grid and data center electrification.[3][4] Upcoming catalysts include the February 2026 earnings and ongoing SEC momentum, potentially improving its negative P/E through operational efficiencies.[2][3] As AI meets energy intelligence, Stem could evolve from niche optimizer to ecosystem enabler, amplifying its impact in a net-zero world—building on its foundational promise to turn clean energy potential into performance.[1][5]
Stem has raised $410.9M across 9 funding rounds. Most recently, it raised $178.9M Stem Disintermedia - Other Equity / Series D Extension in July 2018.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Jul 26, 2018 | $178.9M Venture Round | BNP Paribas, Magnesium Capital | — | Announced |
| Jan 1, 2018 | $80M Series D | Anup Jacob | Princeville Capital, WIND Ventures, Temasek | Announced |
| Oct 1, 2017 | $28M Series B | — | Better Tomorrow Ventures, C2 Investment, Cedar Capital Group, Coughdrop Capital, Footwork, Fuel Capital, Seven Seven SIX, SNR, Thrive Capital, Elad GIL, Leore Avidar | Announced |
| May 25, 2016 | $15M Series C | Ajay Gopal Royan | Mark Cuban, Scooter Braun | Announced |
| Aug 13, 2015 | $45M Series C | Eric Shaw | — | Announced |
| Apr 1, 2015 | $12M Series C | — | King River Capital, Princeville Capital | Announced |
| Jan 1, 2015 | $27M Series B | — | Princeville Capital, Michael Smith, Bernard Clment | Announced |
| Dec 1, 2013 | $15M Series B | — | King River Capital, Angeleno Group, Colleen Calhoun, Diego Díaz Pilas | Announced |
| Apr 1, 2012 | $10M Series A | — | King River Capital, Zebediah Rice, Greener Capital | Announced |
Stem has raised $410.9M in total across 9 funding rounds.
Stem's investors include BNP Paribas, Magnesium Capital, Anup Jacob, Princeville Capital, Wind Ventures, Temasek, Better Tomorrow Ventures, C2 Investment, Cedar Capital Group, Coughdrop Capital, Footwork, Fuel Capital.