In the realm of technology, the term “platform” is frequently used, albeit often incorrectly. The essence of a platform, according to the fundamental definition in business school, is a company or business model that offers more value to its participants than it captures for itself.
Consider some of the tech industry’s most successful companies that have helped other businesses generate more revenue collectively than they earn individually. Decades ago, Microsoft thrived by enabling the PC revolution. More recently, Apple disclosed that developers on its App Store generated $1.1 trillion in sales in 2022, nearly three times the company’s revenue that year.
Entrepreneur Sanjiv Sanghavi, known for his roles at ClassPass and Arcadia, recognized the need for an equivalent platform in the energy transition space. After searching in vain for such a company as a venture partner at Day One Ventures, he decided to create it himself. “So I decided to go and build it,” he informed TechCrunch.
Sanghavi’s latest venture, Texture, aims to establish a universal data collection and sharing platform for renewable energy sources like wind, solar, and batteries. He emphasized the importance of aggregating these resources to effectively combat the reliance on fossil fuels.
Texture addresses the challenge of communication between various energy systems from different manufacturers by providing a technology stack for interoperability. The company integrates data directly from the equipment, either through available APIs or by developing software for seamless connections.
Target customers for Texture’s product include installers and virtual power plant operators, who can benefit from enhanced data for better product sales. The company utilizes a pricing model based on the megawatts managed by customers.
With a recent $7.5 million seed funding round from investors like Abstract Ventures, Day One Ventures, and others, Texture plans to further develop and test its product with initial customers. Success for Texture lies in persuading suppliers to join its platform, expanding the ecosystem for mutual growth.
