Elektrik — a procurement platform focused on medium-voltage electrical infrastructure components — announced June 16 that it has secured a significant growth investment from Lead Edge Capital.
Financial terms of the investment were not disclosed.
Elektrik said it will use the funding to scale its platform, which is designed to help electrical distributors and EPCs source, quote and kit medium-voltage components. The Salt Lake City-based company brands itself as a platform that streamlines sourcing for electrical distributors and EPCs, including medium-voltage cable, connections, transformers and related equipment.
The company said its platform combines product expertise, real-time sourcing across a manufacturer network and job-site-ready component delivery to reduce manual quoting and improve access to hard-to-source parts.
Elektrik serves customers across data centers, renewable energy, utility, commercial and industrial end markets. The company said it works with a majority of the top 50 EPCs in North America and the top 20 electrical distributors.
“Sourcing electrical T&D components has always been the hardest part of any infrastructure project. The parts are specialized, the supply chain is fragmented and one wrong move can stall a multimillion-dollar job. We built Elektrik to be the easy button for that process,” Elektrik Founder and CEO Mario Dealba said in the release. “What used to take 20 days of calls, coordination and waiting, we turn into one.”
Lead Edge Capital Principal Aaron Darr said Elektrik has “built the technology layer that electrical T&D sourcing never had,” adding that the company is scaling as demand tied to data centers, renewable energy and grid modernization increases.
Lead Edge Capital is a growth equity firm investing in software, internet and technology-enabled businesses. The firm said it has $9 billion in assets and a network of more than 700 executives, entrepreneurs and dealmakers.
D.A. Davidson acted as sole financial advisor to Elektrik in the transaction. Goodwin Procter LLP acted as legal advisor to Lead Edge Capital.
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