Gridbeyond, an Irish analytics and asset management provider for the energy sector, has raised a €52M Series C round to scale up its operations.
Gridbeyond aims to solve the disjointedness of energy assets and systems that incorporate different fuel sources. Their database traverses these different methods to provide complex analytical knowledge to users. The company will use the funding to support its international expansion, expand its existing US presence significantly and continue its investment in R&D to facilitate the delivery of decarbonisation.
The round was led by Alantra’s Energy Transition Fund, Klima and new investors Energy Impact Partners. The funding will be further used to optimise demand response, storage and renewables and support grid operators and local utilities to maximise the use of flexible assets and low-carbon technologies. It will also facilitate GridBeyond’s growth into new international markets as regulatory environments and renewable penetration levels progress.
In 2023, GridBeyond expanded its team across all deregulated markets in the USA, acquired Veritone Business Energy, launched a suite of new products and doubled the size of its team globally.
Michael Phelan, Chief Executive Officer and Co-founder of GridBeyond, commented:
The newly completed financing round sets GridBeyond on the path to increase the reach of our intelligent energy platform and deliver world leading AI and powerful automation capabilities to smart grid and energy markets across the world. This supports our ambition to advance the transition of the global energy networks towards digitalisation, decarbonisation, and decentralisation.
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