IONATE secures £3.3m in seed funding led by IQ Capital to scale power control technology
The seed round was led by IQ Capital with participation from several specialist energy and deep-tech investors.
Share allotment filed at Companies House
IONATE develops hardware and software to modernise and manage electrical power grids.
London-based energy innovator IONATE has secured £3.3m in a seed financing round led by IQ Capital. The capital injection will be used to scale operations and deploy its proprietary power flow control technology across electricity distribution networks and renewable energy assets.
The financing also saw participation from Smartworks, Cycle Group, Zero Carbon Capital and Old College Capital. IONATE plans to utilise the funds to advance its manufacturing partnerships and ready its Hybrid Intelligent Transformer devices for upcoming trials.
The funding arrives as power grids face increasing strain from electrification and renewable generation. IONATE aims to address these systemic challenges through its hardware and software platform, following recent industry recognition and prototype developments.
From the founder
"Working through a pandemic, scaling what was just an idea to fully functioning devices in less than three years, shows not only our team’s skill and dedication but the conviction of our network that IONATE is a key technology for the energy transition. With visionary experts from deep-tech venture capital, the utility sector, and academia in this round, we could not have chosen more strategic partners for achieving IONATE’s huge potential. I’m very excited for the next chapter and to work side-by-side with our investors and partners on what promises to be a time of extraordinary development and growth."
Matthew Williams
Founder and CEO at IONATE
Investor perspective
"IONATE has made a fundamental breakthrough in digitising power transformers that will completely change how energy is distributed and used. Transformers are everywhere, but this is the first revolution in their design and operation for the last 100 years. IONATE’s device and software platform offers industry and grid-operators a drop-in replacement to existing transformers that offers precise control of power flows at any scale. The possibilities are endless with huge benefits to a wide range of use-cases: from energy storage and increased renewable generation, to increased efficiency in electrical vehicle charging and operation, as well as more efficient factories, and distributed energy networks that are cheaper and more robust. We’re delighted to be backing the very talented IONATE founder team, helping to grow their customer base and bringing this pioneering technology to market."
Max Bautin
Managing Partner, IQ Capital
Use of funds
- 01Scale operations
Investors
Max Bautin
IQ Capital
Klaus Fuchs
Smartworks
Cycle Group
Pippa Gawley
Zero Carbon Capital
Andrea Young
Old College Capital