Splight, an AI-based smart grid solutions provider, has secured a $12 million seed funding round led by noa (formerly A/O). EDP Ventures, Elewit, Draper Cygnus, Draper B1, Ascent Energy Ventures, Fen Ventures, Reaction Global, Barn Investments, and the UC Berkeley Foundation also joined this round. This funding will support the company expand its presence across North America and the European Union.
“Our technology is proven and commercially viable: we are solving grid congestion while adding reliability. It can be deployed fast enough to inject more than 3,000 GWs of clean energy within months. This round is a huge vote of confidence and will be used to expand our business globally,” said Fernando Llaver, CEO of Splight.
Splight aims to cater to growing renewable energy demand and the need for efficient grid operations, stating it has developed a new AI-based technology that tackles grid congestion using inverter-based resources (IBRs) as a source of reliability. The company said its technology uses AI algorithms to tackle contingencies in real time, enabling clean energy to be injected into the grid while simultaneously adding reliability and preventing clean energy from being wasted. It also said it facilitates the deployment and connection of renewable energy, DERs, and batteries with the existing transmission infrastructure.
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.
Recently, Camus Energy, a grid orchestration platform developer, secured over $25 million in Series A funding after closing its $10 million extension. The round was co-led by climate firm Congruent Ventures and marketplace investor Wave Capital, with participation from Align Impact, Remarkable Ventures Climate fund (RVC), Groundswell Ventures, and Congruent and Wave’s Limited Partners.
