Dexter Energy, an Amsterdam, Netherlands-based company, raised €10.5 million in Series B funding for its short-term energy trading solutions based on artificial intelligence.
The investment round was led by a London-based VC ETF Partner, with participation from existing investors Newion, PDENH, and Rockstart.
The funds will be used to fast-track its product roadmap and assemble its services into a complete, self-serve cockpit which will allow its customers to balance their renewables portfolio while optimizing their trading strategies and minimizing balancing costs.
Also, it intends to expand into new European markets and double the size of the team to 80 by the end of 2023.
“We are very happy to welcome ETF Partners aboard who share our vision that AI is a crucial element in the energy transition towards a fully carbon-free power system,” said Luuk Veeken, CEO and founder of Dexter Energy. “We really value their entrepreneurial mindset and ongoing leadership in sustainable investment. We see them as a fantastic sparring partner and we are confident they will help guide the growth of our company in the best possible direction.”
Company: Dexter Energy Services B.V.
Round: Series B
Funding Month: April 2023
Lead Investors: VC ETF Partners
Company Website: https://dexterenergy.ai/
Software Category: AI-enabled Forecast Optimizations & Tade Strategies
About the Company: Founded by Luuk Veeken in 2017, Dexter offers forecasting and optimization services to energy companies that optimize their (renewables and flexibility) portfolios and reduce power imbalances. Its forecasters and optimizers use state-of-the-art machine learning, deep learning, and optimization technologies. The company is on a mission to help renewable energy companies lead the way toward a cleaner and more affordable energy future by offering AI-powered forecast and trade optimization services for the short-term trading cycle.