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 internationalization plans and bolster its team.
GridBeyond COO, Richard O'Loughlin, commented, "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 also to make cost savings that can be further invested into actions that support their net-zero transition."
GridBeyond'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, and has grown revenue by an average of 75% per annum over the last two years and expects a further 85% revenue growth in 2023.
Company: GridBeyond Limited
Round: Debt Financing Facility
Funding Month: October 2022
Lead Investors: Claret Capital
Company Website: https://gridbeyond.com/
Software Category: Energy as a Service
About the Company: Founded in 2007 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 modeling. The company's AI-powered Virtual Power Plant ensures a business's assets are optimized in real-time and in the right market by using robotic energy trading. Sub-second monitoring also ensures predictive maintenance and allows for carbon reporting. The company serves customers such as supermarkets, hotels, healthcare, telecommunications, utilities, and other companies whose energy costs are a significant part of their overall cost. The company is based in Dublin, Ireland.