tem secures £55m Series B funding led by Lightspeed Venture Partners to scale its energy transaction platform.
The oversubscribed round included participation from Hitachi Ventures, Voyager Ventures, and Schroders Capital, alongside existing investors.
tem builds AI-native infrastructure for energy transactions to replace opaque and outdated market mechanisms. The platform connects businesses with power generation through automated transaction engines and neo-utilities.
tem has raised £55m in a Series B funding round led by Lightspeed Venture Partners. The capital injection includes strategic participation from Hitachi Ventures, Voyager Ventures, and Schroders Capital, alongside existing backers AlbionVC and Atomico.
The funds will support the company as it expands its operations internationally, with initial rollouts planned for Texas and Australia. The investment follows rapid growth that has seen the firm surpass £230m in annualised gross transaction value.
Alongside the funding, Paul Murphy of Lightspeed Venture Partners joins the company board. The firm intends to scale its AI-native transaction infrastructure globally to service both domestic businesses and international markets.
From the founder
"Energy underpins every industry in the world, and yet no one has succeeded in course-correcting the fundamentally flawed way the markets work. For decades, the industry has tried to patch over the costly inefficiency of energy transactions with new utility brands and new promises. The real opportunity in energy looks a lot like what fintech did to banking: rebuild the core infrastructure, then let innovation explode on top of it."
Joe McDonald
CEO and co-founder at tem
Investor perspective
"tem is one of those rare companies whose insight, technology and roadmap to scale all line up. They’ve combined deep market expertise with exceptional engineering, and a plan with global potential from day one. We back a small number of companies each year, and between the clear market demand and the economics of tem’s model, which align perfectly – tem stood out immediately. We’re excited to work alongside them as a true partner as they scale globally."
Paul Murphy
Partner, Lightspeed Venture Partners
Use of funds
- 01Expand into international markets
