Danish Hybird Energy scores €2.4M for intelligent energy panels

Hybird Energy, a Danish startup developing electrical panels powered by an AI energy cloud, has secured  €2.4M in new funding.

The round is co-led by BackingMinds, a Swedish early-stage venture capital firm, and Transition, a UK-based Climate VC. They are joined by existing investors 2degrees, the family office for a co-founder of Urban Partners and EIKON Capital.

In addition, joining the round is also Notion Capital’s Pioneer Fund, two family offices and fifteen strategic angels.

The funding will be used to scale Hybird’s commercial efforts to address a growing demand for better energy management across Europe, add new automation capabilities to its energy cloud and expand into adjacent water and heating controls as well, building it into a complete energy optimization platform.

Hybrid energy allows companies to reduce and manage consumption, enabling buildings to be semi-autonomous in managing their electricity, water or heating. 

Hybrid's panels provide a granular and real-time picture of all electricity usage, at the source level of a building. The software analyzes electricity data to recommend cost savings, implement rules to automatically turn power on/off remotely during specific times, days, weeks etc. and to understand the electricity pattern of every single machine, enabling them to predict malfunctions, before it happens. 

“Electrical switchboards have seen no significant innovation since the introduction of Automatic circuit breakers and residual current devices in the 1960s. With Hybird we pioneer a technology driven transformation in the sector, making us the easiest way for companies to participate in the green transition and for electrical contracting companies to finally get a digital overhaul of this key part of their business.” said Thomas Skovby, CCO & Founder of Hybird.

“With the proceeds from this round, we will accelerate our rollout and capture an underserved market with massive potential, commercially and help solve one of the biggest problems of our generation. In the near future Hybird not only cut costs and reduce CO2 emissions for our customers, we become an important component in helping balance the grid, makes it possible to effectively utilize greater parts of the existing electricity grid.” added Søren Berg, CEO & Co-founder of Hybird.