Copenhagen-based climate tech startup Electricity Maps has raised €5 million to accelerate the electrical grid's data-driven decarbonization. The round was led by Transition and Revent VC funds.
- Electricity Maps was founded in 2016 by Olivier Corradi. It is a global, fine-grained data platform that tells grid-connected devices when it's optimal to use electricity, therefore cutting down on pollution. For instance, Google uses Electricity Maps to adjust the timing and location of the energy utilized in their datacenter, while Samsung uses it in their SmartThings Energy App.
- The Electricity Maps commercial API provides forecast, historical, and real-time data. It also provides granular data on carbon emissions and electricity sources covering over 230 global regions, including the United States, Europe, Australia, and significant portions of South America and Asia.
“This additional financing round will enable us to finally scale and start living out our global potential,” explains the founder of Electricity Maps, Olivier Corradi.
- Leading investors in this funding were Indian Transition VC and German venture capital firm Revent; both of them support early-stage startups. At this moment, Revent has around 20 companies in its portfolio, and its ticket size ranging from €200,000 to €2 million. As for Transition, it has 12 companies in its portfolio, investing $500,000-$1 million.
“We see Electricity Maps as a crucial bridge between supply and demand dynamics in a rapidly shifting energy landscape. Their product’s ability to seamlessly integrate with a diverse suite of key decarbonization processes, from EV charging to renewable energy certification, gives them enormous potential to become a systemic linchpin in the green transition,” said Henrik Grosse Hokamp, Partner at Revent.
