epilot, a software-based smart grid solutions provider, secured €10 million (~$11 million) from Expedition Growth Capital, a London-based venture Capital Firm.
The company will use the funding to expand its team.
Michel Nicolai, CEO and co-founder of epilot, said, “Our mission at epilot is to accelerate the energy transition. Whilst we didn’t need to raise this funding as we have been growing sustainably, today’s announcement is a major milestone on our journey and will enable us to execute even faster on our platform roadmap and expansion plans. We are excited to welcome Expedition as our growth investor based on their thesis in our industry and deep experience in supporting vertically focused SaaS companies in achieving scalability.”
epilot provides software that utilities can use to standardize and automate sales processes for new renewable energy products. According to the company, grid operators can also use the software to reduce bottlenecks in workflows and connect more customers to renewable energy systems at home.
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 quarter-over-quarter comparison, funding in Q1 2024 was 197% higher compared to Q4 2023, when $221 million was raised in 10 deals.
Recently, 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.
