AI-Powered Smart Energy Platform GridBeyond Raises $55 Million to Scale Growth
Smart energy company GridBeyond announced today that it has raised €52 million (USD$55 million) in a Series C financing round, with proceeds to be used to scale up its business, including the company’s international expansion.
Founded in 2010, Ireland-based GridBeyond provides solutions aimed at addressing the challenges from an evolving energy mix, driven by increased levels of intermittent renewable energy replacing fossil fuels, creating variation in supply, which may not match peaks in demand.
GridBeyond provides a technology platform leveraging AI aimed at bridging the gap between distributed energy resources and electricity markets, enabling a range of connected assets, including utility-scale renewables generation, battery storage and industrial load, to be intelligently dispatched and utilized to help balance the grid. The platform uses predictive load, weather and price data to help manage distributed energy resources including batteries, renewables, and EV charging. According to GridBeyond, the platform allows stakeholders, from generators and network operators to end users, to optimize energy use for price and carbon footprint.
In 2023, GridBeyond expanded its team across all deregulated markets in the U.S., 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.
GridBeyond said that the new capital will be used to evolve its technology and build on the capabilities of its solutions, and to facilitate its growth into new international markets facing growing regulatory pressures and renewables penetration, in addition to supporting the expansion of its U.S. business.
Michael Phelan, Chief Executive Officer and Co-founder of GridBeyond, said:
“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.”
The financing round was led by financial service provider Alantra’s Energy Transition Fund, Klima and included participation from new investors Energy Impact Partners, Mirova, ABB, Constellation and Yokogawa Electric Corporation as well as from existing investor, Act Venture Capital.
Bastien Gambini, Managing Partner of Klima, said:
“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.”
