GridBeyond, a leader in intelligent energy and smart grid platform services, has completed a Series C financing round valued at roughly $55M (€52M), in an investment that will bolster the company’s ongoing efforts to scale up operations, fuel international growth, and further develop its innovative technologies to realize a zero-carbon future.
The latest funding round, led by Alantra’s Energy Transition Fund, Klima, also sees participation from new investors, including Energy Impact Partners, Mirova, ABB, Constellation, and Yokogawa Electric Corporation, with continued investment from existing stakeholder Act Venture Capital.
Since its inception in 2010, GridBeyond has harnessed artificial intelligence to enhance the utility and sustainability of energy assets worldwide. The additional capital will enable GridBeyond to extend its pioneering work with Grid Edge Virtual Power Plants (VPPs), optimizing energy resources like demand response, storage, and renewables across increasingly deregulated markets.
The investment supports GridBeyond’s strategic push into new markets, mainly focusing on expanding its presence in the United States and other areas with high renewable penetration and evolving regulatory landscapes.
“We are delighted to complete this transaction. This funding, together with the support of our new partners, will enable us to expand our product offering and strengthen our leadership position in this space,” said Michael Phelan, Chief Executive Officer and Co-founder of GridBeyond. He emphasized that the funding would enhance their platform’s reach and introduce advanced AI and automation capabilities to global energy markets, facilitating the digitalization, decarbonization, and decentralization of global energy networks.
GridBeyond expanded its US team in 2023 while acquiring Veritone Business Energy, launching multiple products, and doubling its global workforce. The company has seen a remarkable 70% average annual revenue increase over the past three years, with expectations of sustained growth in 2024.
Bastien Gambini, Managing Partner of Klima, praised GridBeyond’s role as a VPP leader, stating, “We are thrilled to support the company’s expansion and its additional services aimed at guiding customers on their path to achieving net zero-carbon.”
