Image credit: Emile Mbunzama
Energy startup SMPnet has raised $1.4m (£1.1m) in funding from investors that includes the CEO of multinational energy company SSE.
London and Glasgow-based SMPnet is developing software to control power grids using AI. Its software is used by providers offering energy services, utilities, and microgrid services.
Anastasios Rousis, CEO and co-founder of SMPnet, said: “We are utilising AI-based techniques to enable a net zero future in which power grids are operated dynamically and much closer to real-time while resolving stability issues and effectively ensuring high resilience and security of supply for a better planet.”
SMPnet designed the software to help established power grids cope with newer sources of power such as renewables, which cannot be forecasted. The company said it will use the funding boost to expand across the US and Europe.
Marathon Venture Capital led the seed round, in addition to angel investors.
“By providing a fully integrated solution that connects to power grids and allows for adaptive optimisation and real-time control of energy assets, SMPnet is positioned to revolutionise the industry and meet the growing demand for secure, uninterrupted and cost-effective energy supply,” said Panos Papadopoulos, partner at Marathon Venture Capital.
SMPnet follows the investment plans on growing its market share within the US and Europe along with hiring and developing its software.