Norwegian startup Versiro, which uses AI for power producers, has snapped €2.3 million in funding, which values the company at €10.5 million.
Investment details
The round was led by Alliance VC (which invested in humanoid robotic startup 1X) with participation from Sondo Capital, Johannes Teyssen (former CEO of E.ON), Hans Geelmuyden, Superside founder Fredrik Thomassen and Enode founders Henrik Langeland and Nikolai Heum.
After the issue, Versiro’s largest owners are Simon Risanger, Markus Löschenbrand, Alliance VC, Startuplab, Fortress Fund, NTNU Technology Transfer, Johannes Teyssen, Jørgen Kildahl, and Sondo Capital.
Versiro, which already has a foothold in Norway, will use the investment to roll out the solutions in the rest of Europe.
“We are deeply impressed by the Versiro founders’ domain-expertise and the solution they have built to secure a well-functioning electricity market. We are excited about the opportunity to invest in the company and contribute to its success,” added Arne Tonning, partner at Alliance VC.
What does the company do?
Power producers must mainly use forecasts, trade manually, or use algotraders. These systems are neither able to handle the dynamics and the enormous access to information in the power system nor to change physical and financial positions quickly enough.
Founded by Simon Risanger and Markus Löschenbrand, Versiro has developed a fundamental model for the needs of the power system in different power markets and combines this with the power producers’ production and desired risk profile.
The system makes this analysis continuous and close to real-time. The power producer can at any time receive an updated risk-adjusted strategy that is tailored to their exposure. This is a win-win for the producer and the power system: The producer earns more by positioning itself better in the power market, which leads to fewer imbalances in the power system. Thus, one can include more variable renewable energy in the power system.
“I have worked for and with large power producers for over three decades and am not surprised by the response from investors. Versiro’s solutions demonstrate that they can both reduce risk and increase the income of power producers by as much as ten percent,” commented Jørgen Kildahl, chairman of Versiro. For 11 years, Kildahl was responsible for the development and operation of Statkraft’s commercial operations in Europe. He served five years in the group management of E.ON where he for several years i.a. was responsible for the commercial operations as Head of Global Units.
“Through this round, we have both secured financing for Versiro and established a resource base of competent and committed shareholders. We thank the investors for their trust, and look forward to working with them,” said Simon Risanger, co-founder and CEO of Versiro.
Our thoughts on Versiro
Leveraging AI for power producers and raising funding from significant investors, Versiro’s tech optimises power production strategies in real-time, enhancing profitability and reducing market imbalances. The investment will aid European expansion.
