Grid tech startup Gridsight, which is using artificial intelligence (AI) and data analytics to transform how electricity networks operate, has raised $7.5 million (USD 4.74 million) in Series A funding to support the expansion of its software platform and accelerate product development.
Gridsight’s orchestration platform leans on real-time analytics drawn from more than 4.2 GW of renewable energy assets across the globe to provide electricity grid operators with advanced visibility, insight and orchestration tools. The company said these capabilities allow utilities to flex and orchestrate their network to optimise performance, increase infrastructure efficiency and improve reliability.
“Electricity networks were not traditionally designed to support millions of decentralised energy technologies,” Gridsight co-founder and Chief Executive Officer Brendan Banfield said, adding the company was founded “to create intelligent data-driven software solutions that help utilities successfully navigate the energy transition.”
Banfield said the capital raise will allow Gridsight to scale its platform, accelerate product development, and expand partnerships to meet demand in domestic and global markets.
“This funding is a testament to the increasing demand from grid operators for cutting-edge technology to manage the grid more effectively,” he said.
“We’re excited to continue building the platform utilities need to accelerate the shift to a flexible, decentralised and decarbonised grid, delivering lasting benefits for energy consumers in Australia and across the world.”
Image: Gridsight
The capital raise follows Gridsight’s collaboration with New South Wales electricity distribution company Endeavour Energy, with the company implementing a project aiming to increase the amount of rooftop solar energy that eligible customers can export to the grid, nearly doubling export capacity from 5 kW up to 10 kW for 95% of the year.
Gridsight said it’s using data from 700,000 monitoring points across the network to predict solar energy flows and dynamically adjust export limits to match real-time grid conditions. This allows for greater solar exports when capacity is available while preventing instability during peak periods.
“Gridsight has already proven to be an invaluable strategic partner,” Endeavour Chief Executive Officer Guy Chalkley said.
“Their world-class capabilities are helping transform our business and the electricity services we provide millions of Australians. We’re proud to be working together to accelerate our energy transition and know Gridsight will continue to drive positive change across our broader industry too.”
The funding round was led by Sydney-based venture capital firm Airtree Ventures, with participation from United States-based Energy Transition Ventures, and Singapore-headquartered Aera VC.
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