Belgium-based energy data tech startup Gorilla has raised €6 million in series A funds. The series A round is backed by the Belgian government-led innovation fund PMV and private VC Beringea, with further support coming from VLAIO, the Flemish region's business growth agency.
Gorilla's cloud software allows energy utilities to collect large data quantities from smart energy metres, EVs and IoT devices, enabling the utilities to quickly relay energy consumption patterns.
This data can then be fed to the energy firm's operational staff so they have a better sense of energy traffic movements on the ground, helping them formulate new price policies.
Gorilla's business got underway four years ago after spinning out from the Belgian tech agency November Five. Since then, Gorilla has racked up a clientelle comprising three UK energy giants (British Gas, ScottishPower and Shell), as well as France-headquartered energy behemoth Engie.
Gorilla co-founder and CEO Ruben Van den Bossche is anticipating further growth as the rise of energy IoT and EVs is set to bring more incentives for good data management across energy grids.
"Our data-driven applications make it easy for energy companies to develop new price plans and offer new products. Which, in turn, encourages more flexible and sustainable energy consumption and helps consumers manage their energy bill," Van den Bossche said.
Meantime, the team is preparing for possible acclaim early next month at the Utility Week Awards, recognising exceptional energy innovation. Gorilla is nominated for the Collaborative Excellence prize, with the result due on December 6
The company is also citing Bloomberg predictions from this year's Energy Transition Investment report. In the report, Bloomberg says that by 2025 it expects a trebling in energy company spends, driven by the goal of converting supplies to renewable energy.