Solid-state transformers to modernize the electric grid for data centers, solar, and storage.
Energy📍 Scotts Valley, California, USAFounded 2025
Current Valuation
Private
as of 2026-Q1
PRIVATE
Heron Power builds solid-state transformers - software-defined power electronics that replace century-old electromechanical transformers - to modernize and speed up grid interconnection for data centers, solar, and battery storage. Founded in 2025 by former Tesla powertrain and energy lead Drew Baglino, it raised a $140M Series B in February 2026 co-led by Andreessen Horowitz's American Dynamism fund and Breakthrough Energy Ventures, following a $38M Series A in May 2025, to build a US solid-state transformer manufacturing facility. Total raised is about $178M; valuation terms were not disclosed.
Company Profile
CEO
Drew Baglino
Founded
2025
HQ
Scotts Valley, California, USA
Total Raised
$178M
Last Round
Series B — $140M (Feb 2026) · Lead: Andreessen Horowitz (American Dynamism) / Breakthrough Energy Ventures
IPO Status
private
Fundraising Status
Series B · $140M · 4 mo ago
privateTotal raised $178M2 disclosed rounds
Growth & Valuation
Capital raised per round
Charts built from publicly disclosed funding rounds and revenue estimates. Approximate, not real-time, not investment advice.
Funding History
Round
Amount
Date
Lead Investor
Post-Money
Series B
$140M
Feb 2026
Andreessen Horowitz (American Dynamism) / Breakthrough Energy Ventures
—
Series A
$38M
May 2025
Capricorn Investment Group
—
Founders & Key People
Drew Baglino
Investors
Andreessen Horowitz (American Dynamism) · Breakthrough Energy Ventures · Capricorn Investment Group · Energy Impact Partners · Gigascale Capital
Private-company numbers are not real-time. Reflects publicly disclosed valuations from press releases, news reports, and tender offers as of 2026-Q1. Refreshed quarterly.