Swedish energy tech spinout Eneryield have raised Seed funding of an undisclosed amount to prevent power outages in peoples’ homes by predicting faults. Will the fund, they will develop the product for market release.
Capital was provided by ABB and Chalmers Ventures and the company jas raised $120,000 in the past.
Developed from research at Chalmers University of Technology and spun out in 2019, Eneryield offers grid maintenance by reducing unplanned outages with machine learning integrated into existing systems.
Its software Intelliview integrates into existing power networks without requiring additional hardware like sensors. Intelliview is currently available for pilots and commercial projects, as cloud or on premises deployment.
CEO Dr. Ebrahim Balouji commented on the raise: “With support from strategic investors like ABB and Chalmers Ventures, we are ready to take our solution to the market. Seeing our research fields combined and come to life as a commercial product is motivating to say the least. Our timing is perfect with the growing demand for green energy and the world's economic and security situation; the need for local, smart energy grid solutions is growing rapidly, and we are ready to meet that demand.”
Sami Raitakoski, Grid Components Global Product Group Manager at ABB, said: "The portfolio synergies between ABB and Eneryield will help create one of the most advanced prediction systems for power networks. Combining Eneryield’s AI analytics with ABB relays and centralized or virtualized protection and control systems will result in improved accuracy and better maintenance planning for utility and industry customers. The early warning gives the grid operator the time needed to take necessary actions to avoid faults and outages, resulting in better grid reliability and reduced operational costs."
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