Smart grid platform provider GridBeyond has secured £9 million in new funding.
The leading investor in the round was EDP - Energias De Portugal, the Portuguese electric utility company. It was supported by existing and new investors in the company:
- Act Venture Capital – a leading Irish venture capital firm
- Electricity Supply Board (ESB) – the leading Irish utility
- Total Carbon Neutrality Ventures – the Total Group’s venture capital arm that supports technologies and solutions that help companies reduce their carbon footprint
GridBeyond currently operates in the UK and Ireland and said it will use this new equity funding to further expand its business offerings, increase market share and establish operations in new territories. The company plans to double the workforce within the next three years and increase research and development to strengthen its global leadership position in driving innovation and advancement in smart grid markets.
Michael Phelan, chief executive and co-founder at GridBeyond, said: “The newly completed financing round sets GridBeyond on the path to increase the reach of our intelligent energy platform, delivering world leading AI and powerful automation capabilities to smart grid and energy markets. This supports our ambition to advance the transition of the global energy networks towards digitalisation, decarbonisation, and decentralisation. All while enhancing commercial and operational benefits for market participants through fast-acting automation and optimisation of demand and distributed generation.
…We are looking forward to implementing the next stages of our development and accelerating our business growth plans over the coming months”.