GridBeyond has secured a significant $55 million Series C funding boost, cementing its status as a trailblazer in the intelligent energy realm. This investment reflects confidence in its groundbreaking AI-powered energy solutions. The funding round attracted influential investors including Alantra’s Energy Transition Fund and Klima, as well as Energy Impact Partners, Mirova, ABB, Constellation, and Yokogawa Electric Corporation. Act Venture Capital continues its support. This financial injection will fuel GridBeyond’s global expansion and further development of their Grid Edge Virtual Power Plants. These advanced systems enhance the efficiency and sustainability of the energy grid through demand response, storage, and renewable integration, signifying a transformative step in energy management.
Scaling Up and Going Global
GridBeyond, under CEO Michael Phelan, is experiencing significant growth, eyeing expansion in the U.S. and globally. The company’s rise, with a yearly revenue increase of 70% recently, looks to continue through 2024. Not only is GridBeyond growing its American team, but it’s also doubling its workforce worldwide and enhancing its product offerings, thanks to a recent funding boost. This development has been supported by players like Klima’s Bastien Gambini who applauds GridBeyond’s lead in Virtual Power Plants and supports their role in transitioning to net-zero carbon emissions. Bolstering their momentum, they have also acquired Veritone’s Business Energy. These moves highlight GridBeyond’s commitment to AI innovation, promoting smarter and greener energy management, and the company’s role in aiding the shift to a sustainable, carbon-neutral energy landscape.
