Openvolt, a provider of software solutions for energy data, secured €1.5 million (~$1.6 million) in a pre-seed round led by Berlin-based early-stage investor Cavalry Ventures, with participation from climate investor Übermorgen Ventures.
The company is developing a smart meter API (Application Programming Interface) to unlock the data to plan and manage electrified assets. The funding round will enable Openvolt to accelerate the development of its API.
Dave Curran, co-founder and CEO of Openvolt commented: “We believe that combating climate change requires actionable data-driven solutions. Access to granular energy data is a missing component in achieving a sustainable future. With our API, we are ultimately removing the financial, legal and technical barriers that prevent innovators from accessing this data. By abstracting away this complexity, we believe we can unlock innovation in energy management.”
“By simplifying access to user-permissioned energy data, we’re empowering developers to focus on what they do best – innovating. With our API, they can seamlessly integrate energy data into their applications, creating a new wave of solutions that drive energy efficiency and shape a more sustainable world,” says Don O’Leary, co-founder and CTO of Openvolt.
The company also announced the launch of its Beta API, granting access to meter-level energy consumption data in the U.K. and inviting software developers to test and explore the beta software.
Recently, Ostrom, an energy management solution provider, raised $8 million in funding in an investment round led by SE Ventures along with existing investors Union Square Ventures, Adjacent, J12, and Übermorgen.
According to Mercom’s 1H And Q2 2023 Funding and M&A Report for Storage & Smart Grid, VC funding in Smart Grid companies in 1H 2023 was 32% higher, with $986 million compared to the $746 million raised in 1H 2022.