GridBeyond raises £9m in a Series B round led by Energias De Portugal to drive international expansion.
The financing round was led by Energias De Portugal with backing from Act Venture Capital, Electricity Supply Board, and Total Carbon Neutrality Ventures.
GridBeyond provides an intelligent energy and smart grid platform that uses artificial intelligence to manage distributed energy resources and optimise power consumption.
GridBeyond has secured a £9m Series B financing round to accelerate its international expansion and business growth plans. The investment was led by Energias De Portugal, with participation from Act Venture Capital, Electricity Supply Board, and Total Carbon Neutrality Ventures.
The company intends to use the fresh capital to scale up operations, increase market share, and establish a presence in new territories. Additional plans include doubling its workforce over the next three years and enhancing research and development for its smart grid technology platform.
From the founder
"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."
Michael Phelan
Chief Executive Officer and Co-founder at GridBeyond
Investor perspective
"this investment is driven by our ambition to gain experience in managing flexibility in distributed assets and seek new energy products and services that meet the changing needs of the energy customer, as well as by our objective to strengthen EDP's international expansion. The changing paradigm of our sector, with the electrification of the economy, decentralization of energy generation, and overall digitalization, leads to the adoption of new technologies that, with the appropriate regulatory framework, allow for a more dynamic portfolio that includes the market's participation in demand response through flexibility services, something we anticipate will be key to the adequate equilibrium of the electric system in the near future."
Vera Pinto Pereira
CEO of EDP Comercial, EDP
Use of funds
- 01Grow the team
- 02Fund research and development
- 03Expand into international markets
Investors
Vera Pinto Pereira
EDP
Debbie Rennick
Act Venture Capital
Brian Ryan
Electricity Supply Board
Girish Nadkarni
Total Carbon Neutrality Ventures
About the company
GridBeyond
An intelligent energy platform provider using artificial intelligence for distributed energy resource management.