UK-based SMPnet has raised a $1.4 million to bring its power grid technology to markets in the US and Europe. Currently with teams in Scotland and England, the real-time control software helps traditional power grids deal with 'untraditional' methods, including renewable energy, change in flows and storage. The company will use funds to accelerate business development and inject some energy into its marketing and business development efforts.
SMPnet allows grid operators to control and optimise their power stations as they deal with changes in flow and energy storage changes on a second by second basis. Edge computers, which are computing devices placed close to the source of data, are becoming more prevalent in power grid substations. SMPnet utilises these devices to modernise power grids with real-time control and adaptive optimisation.
The brainchild of Greek researchers, Anastasios Rousis and Dimitris Tzelepis, raised $1.4 million in funding from Marathon Venture Capital and angel investors, including Ian Marchant.
"We are excited to support SMPnet on their mission to modernise the power grid through software and AI. By providing a fully integrated solution that connects to power grids and allows for adaptive optimisation and real-time control of energy assets, SMPnet is positioned to revolutionise the industry and meet the growing demand for secure, uninterrupted and cost-effective energy supply. The founders' expertise in the energy sector gives us confidence in the company's ability to succeed in the long-term,” says Panos Papadopoulos, Partner at Marathon Venture Capital.
“Our cutting-edge technology revolutionises how power grids are managed across all voltage levels. We are utilising AI-based techniques to enable a net zero future in which power grids are operated dynamically and much closer to real-time while resolving stability issues and effectively ensuring high resilience and security of supply for a better planet. With this funding round from Marathon Venture Capital, we’re excited to double down and continue to realise our vision,” says Anastasios Rousis, CEO and co-founder of SMPnet.
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