GridBeyond, an intelligent energy & smart grid platform provider for Distributed Energy Resource Management, received €6 million (~$5.8 million) in debt financing from Claret to support the company’s internationalization plans and grow its workforce.
This funding round brings the company’s total capital raised to €16 million (~$15.54 million) from existing investors Energias de Portugal (EDP), Electricity Supply Board (ESB), Total Carbon Neutrality Ventures, and Act Venture Capital.
“This partnership enables us to continue apace with our Global expansion plans. It will also further allow the company to strengthen our position in the market and provide new opportunities to our customers not only to bolster their energy resilience and mitigate against high and volatile energy costs but to make cost savings that can be further invested into actions that support their own net-zero transition,” said GridBeyond Chief Operating Officer Richard O’Loughlin.
Launched in 2010, Gridbeyond allows energy users to manage and control demand response participation, energy performance, markets, and costs via their AI Point platform.
GridBeyond has expanded into several markets in the last three years, including North America, Japan, and Australia. The company has grown revenue by an average of 75% per annum during the previous two years and expects a further 85% revenue growth in 2023.
Earlier this month, Frequenz, an AI-based energy management solutions provider, announced the successful closing of a Series A financing round totaling €13 million (~$12.8 million). The funding was provided by Amsterdam-based venture fund SET Ventures, which also joined the company’s board, with additional funding coming from Payback founder Alexander Rittweger and existing investor 468 Capital.
According to Mercom’s 1H and Q2 2022 Funding and M&A Report for Storage, Grid & Efficiency, VC funding in Smart Grid companies in 1H 2022 was 58% higher, with $731 million compared to the $463 million raised in 1H 2021. Recently, LineVision, a U.S.-based provider of overhead line monitoring for electric utilities, announced closing its $33 million Series C financing round.