Switched Source, a Chicago-based developer of electricity distribution automation technology, has raised more than $17 million in funding in a round led by Cubit Capital. The financing included participation from ABB, Emerald Technology Ventures, Red Cedar Ventures, Southern States, Southwire Company, and other strategic investors.
The company plans to use the capital to increase manufacturing and testing capacity, expand deployments of its Phase-EQ technology across North America, and develop additional solutions for electric utilities. Switched Source is also expanding its manufacturing, quality, and supply chain teams at its Chicago headquarters.
Founded in 2016 by Charles Murray and Lane Nelson, Switched Source develops medium-voltage power electronics that help electric utilities manage electricity distribution more efficiently. Murray serves as CEO, while Nelson serves as COO.
Its flagship product, Phase-EQ, is an automated power-flow control device designed to balance electricity loads across the three phases of distribution circuits. By reducing uneven loading, the technology allows utilities to use existing network capacity more effectively while improving power quality and reliability.
According to Switched Source, Phase-EQ has accumulated more than 150,000 operating hours across 12 utility service areas. The company reports that field deployments have increased load-serving capacity by 10% to 25%, with typical timelines of 14 to 20 weeks between purchase orders and site activation.
The funding follows the company’s expansion of its utility deployments and manufacturing operations. In 2025, Switched Source expanded into a 20,000-square-foot production facility in Chicago.
Switched Source is also participating in a five-year, $99 million project under the US Department of Energy’s Grid Resilience and Innovation Partnerships Program. The project involves deploying Phase-EQ devices in the southeastern United States to support electricity restoration following storms.
