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CEO and co-founder Michael Whelan said the latest financing will help GridBeyond to expand into new markets and make improvements to its platform.
Dublin-based smart energy company GridBeyond has raised €52m in a Series C financing round led by Alantra to significantly expand its US and international presence.
Commercially trading since 2010, when it was called Endeco Technologies, GridBeyond has developed an energy management platform that uses AI and data science to optimise energy generation and storage.
The latest funding was led by Alantra’s Energy Transition Fund called Klima – a €210m late-stage venture fund supporting energy-tech companies in their early-growth phase. GridBeyond will invest the funding to build on its existing demand response, storage, renewables and support grid operator capabilities.
“The newly completed financing round sets GridBeyond on the path to increase the reach of our intelligent energy platform and deliver world-leading AI and powerful automation capabilities to smart grid and energy markets across the world,” said CEO and co-founder Michael Phelan.
“This supports our ambition to advance the transition of the global energy networks towards digitalisation, decarbonisation and decentralisation. All while enhancing commercial and operational benefits for market participants through fast-acting automation and optimisation of flexible demand, storage and distributed generation.”
Other backers in the round announced today (16 April) include Act Venture Capital, Energy Impact Partners, Mirova, ABB, Constellation and Yokogawa Electric Corporation.
Last year, GridBeyond expanded its team across all deregulated markets in the US and acquired Nasdaq-listed software firm Veritone.
It also launched a suite of new products and doubled the size of its team globally on the foot of growing revenue that has been increasing at an average of 70pc per year. The company expects revenue growth to continue at the same pace this year.
“GridBeyond has established itself as a VPP leader across different countries, enabling stakeholders throughout the value chain to optimise energy,” said Bastien Gambini, managing partner of Klima. “We are thrilled to support the company’s expansion and its additional services aimed at guiding customers on their path to achieving net-zero carbon.”
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