UK’s Axle raises $1.6 million to flip the switch on energy use

London-based, energy flexibility start-up, Axle Energy has raised $1.6 million in Pre-seed funding in a round led by Picus Capital with participation from Eka Ventures.

Axle was founded in early 2023 by Karl Bach and Archy de Berker - it acts as the ‘virtual wires’ connecting home energy devices to electricity markets. By optimising the combined flexibility of many home energy devices, Axle’s software dynamically provides flexibility to the electricity grid and shifts energy usage to when its cheapest and greenest. 

“The energy crisis has exposed the climate, cost, and dependency risks stemming from our dependence on fossil fuels,” says co-founder Karl Bach. “The time to decarbonise is now, and that requires a connected, dynamic, flexible grid, not the monolith we have today.” 

“Karl and Archy bring the experience and vision to build the electricity system we need for the 21st century,” said Sebastian Schäfer, Partner at Picus Capital. “By building a Stripe for energy, Axle is accelerating energy flexibility and decarbonisation, saving households on their bills, and creating long-term value for actors across the energy ecosystem.”