TSV Capital, an AI-focused venture fund, and Accurant International, CFEX's current investor, also participated. The new funding will be used to accelerate the go-to-market of its automated bilateral contract settlement technology for energy buyers and sellers.

CFEX automates bilateral transactions between buyers and sellers of renewable and non-renewable energy and streamlines their internal energy management processes. The company's Carbon-Free Energy Cloud application suite automates revenue tracking, billing, settlement, and energy attribute management for sellers (energy producers) and cost tracking, invoice reconciliation, and decarbonization of energy-related emissions for buyers (enterprises and utilities). By automating these otherwise manual processes, CFEX enhances operational efficiency, reduces transaction errors, increases transaction accuracy, improves auditability, and ultimately provides a scalable transaction platform to power the transition to clean energy.