Eneida Secures $11.4 Million in Series B Funding

Eneida, a provider of smart grid solutions, secured €10.5 million (~$11.4 million) in a Series B funding round.

The funding was provided by Junction Growth Investors (who also led the round) and Santander Alternative Investments. Existing investor Korys increased its stake, alongside participation from current investor HCapital and the company’s founders.

“The International Energy Agency (IEA) states that grid investment needs to nearly double by 2030, with emphasis on digitalizing and modernizing distribution grids, in order to meet national renewable energy targets,” said Dirk Dewals, Managing Partner at Junction Growth Investors.

Eneida will use the funds raised to extend to new markets and accelerate R&D efforts to develop its technology further.

“As a committed investor in energy transition, Korys recognizes the pivotal role that smart grid technologies play in enabling a sustainable future. Eneida’s innovative solutions align perfectly with our mission to accelerate the transition toward cleaner, more efficient energy systems. Having accompanied Eneida for a few years already, we are excited to renew our support to fuel further Eneida’s growth and contribute to the realization of Zero Emission Neighbourhoods (ZEN)”, emphasizes Brieuc de Hults, Investment Director at Korys.

The company provides its operational analytics platform for grid operators and companies to detect events and anomalies and optimize and control the low-voltage grid with cost-effective infrastructure upgrades.

According to Mercom’s Q1 2024 Funding and M&A report for Storage & Smart Grid, Smart Grid VC funding increased 134% in Q1 2024, with $656 million raised in 12 deals compared to $280 million in 14 deals in Q1 2023. In a QoQ comparison, funding in Q1 2024 was 197% higher compared to Q4 2023, when $221 million was raised in 10 deals.

Gorilla, a clean energy provider of data-driven solutions, has recently closed €23 million (~$25 million) in a Series B funding round led by global venture capital firm Headline, with existing investors including Beringea and the Flemish investment company PMV.