CEO and co-founder Michael Whelan said the funding will enable GridBeyond to expand into new markets and improve its platform.
Dublin-based smart energy company GridBeyond has raised €52 million in a Series C funding round led by Alantra to significantly expand its presence in the United States and overseas.
GridBeyond began trading commercially in 2010 under the name Endeco Technologies and developed an energy management platform that leverages AI and data science to optimize energy generation and storage.
The latest funding was led by Alantra’s energy transition fund, Klima, a €210 million late-stage venture fund backing energy technology companies in the early growth stage. GridBeyond will use the funding to further strengthen its existing demand response, storage, renewable energy and grid operator support capabilities.
“With our newly completed funding round, GridBeyond is on a path to expand the reach of our Intelligent Energy Platform and deliver world-leading AI and powerful automation capabilities to smart grid and energy markets around the world,” said Michael Phelan, CEO and co-founder.
“This supports our goal of driving the transition to a digital, decarbonized and decentralized energy network globally, while enhancing commercial and operational benefits for market participants through rapid automation and optimization of flexible demand, storage and distributed generation.”
Other backers in the round announced today (April 16) include Act Venture Capital, Energy Impact Partners, Mirova, ABB, Constellation and Yokogawa Electric Corporation.
Last year, GridBeyond expanded its team across deregulated markets in the U.S. and acquired Nasdaq-listed software company Veritone.
The company also launched a series of new products and doubled the size of its global team on the back of revenue that has grown at a 70% compound annual rate, and expects revenue to continue growing at the same pace this year.
“GridBeyond has established itself as a VPP leader in various countries, enabling actors across the value chain to optimize their energy,” said Bastian Gambini, Managing Partner at Klima. “We are excited to support the company’s expansion and additional services aimed at putting its customers on the path to achieving net zero carbon.”
Find out how emerging technology trends will shape tomorrow in our new podcast, “Future Human: The Series.” Listen now on Spotify, Apple, or wherever you get your podcasts.
