Tyba, a company that provides an optimization platform for energy storage projects, secured $13.9 million in Series A funding, bringing its total funding raised to $18.15 million.
Energize Capital led the funding round, with new investments from Pear VC, Mobilize Climate Capital, and Borusan Ventures and follow-on investments from Powerhouse, Wireframe, Virta, and Lorimer.
With this funding, the company intends to expand its AI-enabled energy forecasting, trading, and optimization solution, assisting energy producers in maximizing revenue, supporting grid reliability, and expanding their portfolios.
“Large-scale energy storage is proving to be essential to the energy transition, especially as we respond to surging global energy demand and an increasingly complex power grid,” said Tyler Lancaster, partner at Energize Capital and a member of Tyba’s board of directors. “However, operational challenges continue to be one of the most significant barriers to scale for battery assets, in part due to the active, hands-on management these assets require.”
According to the company, its simulation and operations platform helps developers, owners, and operators use Tyba to inform and automate energy storage operations. Tyba states that it is collaborating with energy firms like TotalEnergies, supporting the operations of over 1 GWh of storage assets in Texas and California.
“For the companies building and operating battery storage facilities, figuring out how to maximize the value of their assets and maintain a competitive edge remains a constant challenge,” said Michael Baker, CEO & Co-founder of Tyba.
According to Mercom’s Annual and Q4 2024 Funding and M&A Report for Energy Storage and Smart Grid, Venture Capital funding in the Energy Storage sector in 2024 decreased 60% YoY, with $3.7 billion in 84 deals compared to $9.2 billion in 86 deals in 2023.
In December, Zitara, a battery management software provider, closed $17 million in a Series AA funding round led by Salesforce Ventures, with participation from Emerson Ventures, Chevron Technology Ventures, Energy Impact Partners, and Climate Capital.
