Frequenz, a Berlin-based AI-powered energy cost solutions company, closed a €13 million Series A funding round led by SET Ventures.
SET Ventures, the Amsterdam-based venture fund, joins the board bringing with them previous expertise in the area of 'carbon-free energy, digital solutions
Payback founder Alexander Rittweger and Frequenz's previous investor, 468 Capital, also participated in the round.
Funds will be used to accelerate Frequenz's European rollout — it claims to save corporate users over 30% in energy pricing with AI tech, which predicts market prices and energy consumption and brings batteries and solar arrays in to reduce costs from the grid.
"We have got the expertise to develop a global market leader. We did it once, we can do it again. We believe that we, as a team, can make a difference and overcome the biggest obstacles," said Thomas Nicolai, co-founder of Frequenz.
Dr. Till Stenzel, Venture Partner at SET Ventures, will join the Frequenz advisory board.
Company: Frequenz Energy-as-a-Service GmbH
Raised: €13.0M
Round: Series A
Funding Month: October 2022
Lead Investors: SET Ventures
Additional Investors: Alexander Rittweger and 468 Capital
Company Website: https://frequenz.com/
Software Category: AI-powered energy costs solutions
About the Company: Founded in Berlin in 2019 by Thomas Nicolai, Lars Kirchhoff, and Thomas Brandhoff, Frequenz is a technology company that develops solutions for the decentralized power management of the future. Frequenz developed an autonomous mind platform to revolutionize how renewable energy production and procurement are managed and executed. The company's platform automizes the renewable production value chain to increase partners' revenue and profitability through designing and developing sophisticated AI, IoT, and battery storage technologies, enabling clients to reduce their electricity costs and increase their revenue and profitability. Frequenz helps companies to minimize both environmental pollution and energy costs—significantly today. It stands for technological innovation as well as for ecological and economic sustainability. Frequenz clients include Edeka, Netto, Freudenberg, and Göing.
Source: https://tech.eu/2022/10/07/frequenz-the-energy-costs-ai-solutions-company-expands-with-a-eur13m-series-a-investment