Success! You're on the list.

Success! You're on the list.

GridBeyond gets €6M in debt to help companies manage energies through AI and Data science

GridBeyond, a Dublin-based startup that provides wireless energy management and control systems for retail, commercial and industrial users, has secured €6 million in a debt financing facility led by Claret Capital.

The Irish company will use the funds to continue its internationalisation plans and bolster its team. The latest round of funding brings the company’s total capital raised to €16 million from existing investors Energias de Portugal (EDP), Electricity Supply Board (ESB), Total Carbon Neutrality Ventures, and Act Venture Capital.

Claret European Growth Capital Fund III

The debt facility comes only a few months after the London-based Claret Capital announced the final closing of the Claret European Growth Capital Fund III (‘Fund III’), totalling €297 million. The funds are backed by ISIF and Allied Irish Banks, amongst other institutional investors.

The Claret Capital funds invest in scaling companies built on innovative technologies with strong potential and proven market traction. Claret’s flexible three-to-five-year facilities start at €2,000,000, can scale to €50,000,000, and are typically used to support growth stage businesses at various organic and inorganic growth stages. 

Energy As A Service

Founded by Michael Phelan and Padraig Curran, GridBeyond provides intelligent Energy As A Service (EaaS) to tackle the challenges businesses face as they move towards a Net Zero future using Artificial Intelligence, machine learning, and advanced data modelling. 

The company’s technology balances and orchestrates energy generation, storage, and industrial load in a coordinated system. 

GridBeyond has expanded into several markets in the last three years, including North America, Japan, and Australia. 

The company has grown revenue by an average of 75% per annum over the last two years and expects a further 85% revenue growth in 2023. 

In response to the energy crisis, GridBeyond has also developed a new hedging and trading product which can be offered alongside its funded energy storage offering.

GridBeyond Chief Operating Officer Richard O’Loughlin comments, “We are delighted to be working with Claret Capital. GridBeyond is at an exciting juncture in its evolution, scaling rapidly over the last years with a further 85% forecast revenue growth in 2023. This partnership enables us to continue apace with our Global expansion plans. It will 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 net-zero transition. ” 

David Bateman, the Managing Partner of Claret, adds, “Helping transform energy into revenue opportunities for businesses, the team at GridBeyond blends problem-solving with groundbreaking technology. Their exponential growth impressed us, and we’re excited to join Michael, Richard, and the team with the newly launched Claret Capital fund. We look forward to supporting them on their growth journey as they continue to drive change in the energy sector.”

Related Posts

Get daily funding news briefings in the tech world delivered right to your inbox.

Enter Your Email
join our newsletter. thank you