Why We Invested in Euclid Power — And Why We’re Even More Excited Today
Leading Euclid Power's seed round
Why we invested
The world needs dramatically more energy. After decades of relatively flat growth, electricity consumption is rising again in the U.S.. Demand is driven by the rapid rise of AI and data centers, the return of domestic manufacturing, and the electrification of everything from vehicles to heating systems. At the same time, solar and batteries have come down steep cost curves and the impacts of climate change are more evident than ever. The result: we need to add a staggering amount of clean energy capacity. Trillions of dollars in capital will be deployed over the coming decades to build the solar, wind, and storage infrastructure required to meet both climate and economic imperatives.
But capital alone isn’t enough. Every energy project requires deep technical and commercial diligence before capital can be deployed, and it doesn’t stop once financing closes. It evolves across the full lifecycle of the asset, from development work pre-financing, to construction and through the long-term operation of the asset. This work is complex, high-stakes, and still largely manual—dependent on spreadsheets, PDFs, and fragmented workflows. Understaffed teams and outdated tools are holding deployment, construction, and the industry as a whole back.
This is the critical layer of work that Euclid Power is transforming.
Andrew and I first met Euclid in 2022. What we found was a rare combination: a team that was not only native to the renewable energy world but had already bootstrapped their way to real product-market fit—albeit through a somewhat unorthodox path for a software company.
Jacob, Ryan, and Brian weren’t outsiders trying to break into the energy industry. The trio had helped launch Goldman Sachs's renewable energy platform and deployed billions of dollars into large-scale solar and storage projects. They brought with them an unusually holistic understanding of the project lifecycle: Jacob on financing, Brian on construction, and Ryan on technical diligence and development.
They didn’t just understand the customer’s pain—they had lived it.
From the beginning, the team articulated a clear and compelling vision of how technology, data, and structured workflows could accelerate renewable energy deployment. And they had a key insight that resonated deeply with us, informed in part by Andrew’s experience investing in, and serving on the board of, Carta: the most effective way to package their product was through a high-leverage service layer, staffed by the best professionals in the business. Not a point solution. Not a dashboard. A full-stack solution wrapped in expertise.
This wasn’t just the right go-to-market strategy—it was a fundamental shift in how to think about software in large ticket, complex markets. When you're solving high-stakes, highly nuanced problems, exceptional services create much higher leverage, create tighter feedback loops, and unlock TAMs that are often unattainable to traditional SaaS thinking.
The team was also laser-focused on the moment in the project lifecycle where the most value is at stake: the transaction nexus. This is where capital gets committed, where files, spreadsheets, and diligence live—and where chaos often reigns. It’s also where nearly every stakeholder in the ecosystem intersects: buyers, sellers, lawyers, consultants, insurers, and more. Owning this moment creates not just value but strategic gravity—pulling Euclid deeper into both upstream and downstream workflows over time.
And it was working. Customers didn’t just like Euclid—they loved them. It showed up in references, sure, but more importantly in the numbers. Customers increased their spend, expanded their footprint, and marveled at the caliber of professionals they were working with. This was an emerging industry that lacked scale-tested talent—and Euclid was delivering that talent at scale, powered by software tools that made the work even more effective.
We invested in Euclid because we believed they had the right team, the right insight, and the right moment. Two and a half years later, we’re even more convinced.
Why We’re Even More Excited Today
Since our investment, the company has done nothing but execute — and it’s hard not to feel like they’re just hitting their stride.
Led by Kushal Dave, an exceptional CTO, Euclid has built out a suite of software and AI tools that go far beyond internal enablement. These tools are reshaping how their customers operate. And importantly, Euclid has managed the delicate balance between software and services beautifully—each reinforcing the other in a way that accelerates growth rather than pulling it in different directions.
The original thesis—own the transaction nexus, then expand upstream and downstream—is playing out in real time. Customers are asking for more, and Euclid is delivering. The company’s Net Dollar Retention (NDR) is among the strongest we’ve seen, and it's a testament to the team's relentless focus on creating real value across the project lifecycle.
Meanwhile, AI is acting as an accelerant. This is one of those rare moments where multiple tailwinds are aligning: macro trends around unprecedented levels of power demand driven by data centers and electrification, the inevitability of renewable energy deployment, a team that is executing at a high level, and AI is supercharging the pace of innovation. You can feel it—not just in the product roadmap, but in the financials. (Did we mention they were profitable in 2024?).
The team that bootstrapped its way to product-market fit has now scaled into a mission-driven organization attracting world-class talent. And they’re still just getting started.
At Spero, we aspire to back companies with enduring missions and exceptional teams who know how to wield that mission to their advantage. Euclid Power is exactly that. We’re proud to be their partners and can’t wait to see where this next chapter leads.
- Stephen Wemple & Andrew Parker
