London-based startup IONATE has raised $17 million in a Series A funding round to speed up the commercialization of its Hybrid Intelligent Transformers (HIT) and Aurora Platform. The round was led by AlbionVC, with additional support from strategic investors IQT and the JGC MIRAI Innovation Fund.
- Founded in 2019 by Luca Mezossy-Dona, Matthew Williams, and Roberto Ricci, IONATE transforms the electrical grid with its cutting-edge Hybrid Intelligent Transformers (HIT) and Aurora Platform.
- IONATE's HITs use advanced data analytics and precise power control to detect and resolve disturbances, enhancing overall system performance instantly. When integrated with the Aurora Platform, these devices form an AI-powered smart grid capable of scaling across regions.
- In 2024, IONATE joined the DIANA Accelerator's inaugural cohort, a €50 million NATO initiative to develop dual-use technologies for defence and security. The program provides selected deeptech startups with NATO resources, mentorship, and a €100,000 grant to help adapt their solutions for defence and security needs.
Details of the deal
- The Series A round was led by AlbionVC, a London-based venture capital firm managing $1 billion in funds and supporting over 50 companies. AlbionVC supports early-stage software, healthcare, and deep-tech startups across the UK.
"Matthew and the team have quickly gained traction with utilities and strategics, showcasing the potential of their innovative full-stack hardware-software solution. Their patented technology and first-mover advantage position IONATE to deliver a transformative, long-term product that brings the promise of clean electricity alongside performance requirements," Partner AlbionVC, David Grimm, stated.
- The funding round also saw participation from IQT, JGC MIRAI Innovation Fund, and institutional investors such as Santander InnoEnergy Climate Fund and Antares Ventures. Existing shareholders, including IQ Capital, Zero Carbon Capital, and Cycle Group, participated in the round.
- The fresh capital raised will enable the startup to expand into the US, enhance its technology, and scale its smart grid solutions to meet growing energy demands and support global decarbonization efforts.
"Resiliency, flexibility, and efficiency are key for our energy systems, and IONATE is uniquely positioned to strengthen all three. We are so excited to have some of the strongest VCs and strategic partners in our corner to realise this impact and begin transforming power globally," Explains Matthew Williams, founder and CEO of IONATE.
