Irish smart energy company GridBeyond has closed its €52 mln Series C financing round. The round was led by Alantra’s Energy Transition Fund, Klima.
The Series C round also included new investors Energy Impact Partners, Mirova, ABB, Constellation and Yokogawa Electric Corporation as well as investment from existing investor, Act Venture Capital.
Michael Phelan, CEO and co-founder of GridBeyond, commented: 'We are delighted to complete this transaction. This funding, together with the support of our new partners, will enable us to expand our product offering and strengthen our leadership position in this space.
'The newly completed financing round sets GridBeyond on the path to increase the reach of our intelligent energy platform and deliver world leading AI and powerful automation capabilities to smart grid and energy markets across the world.
'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 flexible demand, storage and distributed generation.'
Since its foundation in 2010, GridBeyond has been developing its AI platform to help businesses unlock the potential of energy assets, with a focus on the sustainability, resilience, and affordability of energy as the world moves towards a zero-carbon future.
The funding will be used to further evolve GridBeyond’s technology and demonstrate its leadership in Grid Edge Virtual Power Plant (VPP) worldwide, the firm said. It will enable GridBeyond to build on its capability in optimising assets like demand response, storage and renewables and support grid operators and local utilities to maximise the use of flexible assets and low-carbon technologies rapidly integrating into the system through the electrification of heat and transportation.
It is also expected to support GridBeyond’s growth into new international markets, while facilitating the expansion of its US business and support delivery of its Storage, EV (V2G) and DR offerings across US & other deregulated markets with high renewable penetration levels.
In 2023, GridBeyond expanded its team across all deregulated markets in the US, acquired Veritone Business Energy, launched a suite of new products and doubled the size of its team globally. In addition, in the last three years the company has been increasing its annual revenue on average by 70% per year with a forecast of further similar growth in 2024.
Bastien Gambini, managing partner of Klima, added: 'GridBeyond has established itself as a VPP leader across different countries, enabling stakeholders throughout the value chain to optimise energy. We are thrilled to support the company’s expansion and its additional services aimed at guiding customers on their path to achieving net zero-carbon.'
Marathon Capital served as financial advisor to GridBeyond with Byrne Wallace as the company’s legal counsel and Mason Hayes & Curran (MHC) as the lead investor’s legal advisor.
