The financing deal will enable GridBeyond to expand further in international markets.
Dublin-headquartered GridBeyond, which specialises in tech for managing energy resources, has struck a debt financing deal worth €6m. Led by Claret Capital, this will help the company’s international expansion strategy.
In the last few years, GridBeyond has already expanded into the US, Japan and Australia, among other international markets.
The company has grown revenue by an average of 75pc per annum over the last two years and is expecting a further 85pc revenue growth in 2023.
The latest funding boost brings its total capital raised to €16m. It comes just months after London-based Claret Capital raised €297m in funding for growing European start-ups in the tech and life sciences sectors, with contributions from AIB and the Ireland Strategic Investment Fund.
Other backers of GridBeyond include Energias de Portugal, ESB, Total Carbon Neutrality Ventures and Act Venture Capital, which recently reached the first close of its €140m fund for early-stage tech start-ups.
According to GridBeyond’s chief operating officer, Richard O’Loughlin, the business is “at an exciting juncture in its evolution” and has “been scaling rapidly over the last number of years”. He added that the funding deal with Claret Capital would help with further expansion plans.
“It will also further allow the company to strengthen our position in the market and provide new opportunities to our customers, not only to bolster their energy resilience and mitigate against high and volatile energy costs, but to make cost savings that can be further invested into actions that support their own net-zero transition,” O’Loughlin said.
GridBeyond has been commercially trading since 2010, starting life as Endeco Technologies.
It uses AI and data science to optimise energy generation and storage, and is used by clients ranging from EV fleet operators to generators and energy storage operators to maximise revenues and savings.
In response to the energy crisis, GridBeyond has developed a new hedging and trading product that can be offered alongside its funded energy storage offering.
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