Renewable energy sources are taking over as energy sources, and electric vehicles are standardising. The society’s electrification wants a much needed upgrade from an outdated electrical grid that cannot support a high-quality supply.
In the midst of a raging energy crisis, Danish startup OKTO GRID has raised €3M from investors such as Elewit and Rockstart to assist the world’s energy sector as rising electricity consumption raises performance expectations.
With the new funding, the company plans to establish himself in the European market for transformer and wind turbine condition monitoring.
OKTO GRID previously received €900,000 in soft and pre-seed funding from Vaekstfonden, Innovation Fund Denmark, Rockstart Energy Fund, Mist Ventures AB, and Power Syndicate ApS.
The Copenhagen-based startup has created a solution to assist the energy industry in digitising assets in a straightforward manner without taking significant assets out of service in order to prevent any wear and tear breakdowns and to extend the transformers’ lifespan by up to another 40 years. Distributors of energy and even energy producers are now able to measure condition changes, anomalies, and track asset performance in greater detail than ever before thanks to this technology.
The company, which was founded in 2019 by Golam Sadeghnia, offers a solution that tracks asset performance, measures condition changes, detects anomalies, and delivers reports on-demand. OKTO GRID began developing an IoT device that collects essential operational data from electricity-generating or distributing assets without invasiveness. This allows event planners to identify unauthorised entry and allows multipurpose performance halls and studios to provide truly optimal acoustics for a variety of events and gatherings.
“The competitor situation today consists primarily of larger companies that manufacture transformers and energy generators and have the equipment to collect certain types of data. They are, however, to a certain extent limited to their own products. Smaller companies offer solutions that are limited to certain transformer types and use technologies that require downtime and significant costs,” says Golam Sadeghnia, CEO of OKTO GRID.
“OKTO GRID’s solution, which works independently of transformer type and manufacturer, is mounted in less than 10 minutes without downtime or any tooling required. To the best of our knowledge, we are unique in the market with this combination,” Golam Sadeghnia adds.
