Tallinn-based startup Gridraven, which develops AI-powered grid technology, has raised €4 million to expand internationally and grow its team. The funding round was backed by 42CAP and Icebreaker.vc.
- Founded in 2023 by Georg Rute, Henri Manninen, and Markus Lippus, Gridraven develops AI-driven software designed to optimize electricity grid capacity without the need for additional infrastructure.
- Its Dynamic Line Rating (DLR) technology uses real-time weather data to improve power line capacity, accounting for factors like wind, which cools lines and enhances their ability to transmit power.
- The startup provides a software-only solution that helps grid operators optimize existing infrastructure, enhancing efficiency and accelerating the connection of data centers, renewable energy sources, and industrial users.
- Gridraven claims that its technology increases grid capacity by up to 30%, improves forecast accuracy by 60%, and maintains a 95% confidence level in its predictions.
Details of the deal
- The investment was supported by 42CAP, a Munich-based venture capital firm that backs seed-stage tech startups with global ambitions, and Icebreaker.vc, a Finnish VC that supports early-stage startups with investment amounts ranging from €150,000 to €800,000.
“We are very impressed with Gridraven’s team and technology. Their core innovation of applying AI and machine learning to increase the resolution of weather forecasts is the missing link for unlocking more capacity from the existing grids. We see enormous potential for the solution across the world and believe the team is right for bringing it to market," Alex Meyer from 42CAP, commented.
- Gridraven will use the €4 million in funding to expand its operations, grow its team, and accelerate the development of its solutions for the global energy sector. As part of this move, CEO Georg Rute will relocate to Austin, Texas, to lead the company’s US operations and be closer to its customers.
”The US and especially Texas are seeing significant load growth from electrification and data centres. More grid capacity is needed on day-ahead energy markets to power this growth. Our software solution boosts grid capacity with zero additional hardware, helping utilities service this load growth. We’re setting up in Austin, Texas, to be close to our customers,” co-founder and CEO of Gridraven, Georg Rute, stated.
