Tallinn-based energy tech startup Gridraven has secured €4 million in funding to support its expansion into the US market, ArcticStartup reports. The company specializes in optimizing grid capacity using AI-powered Dynamic Line Rating technology, eliminating the need for additional hardware.
About Gridraven
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Tallin-based Gridraven, founded in 2023, is an AI-powered Dynamic Line Rating (DLR) tech company, optimizes electricity transmission by analyzing real-time weather and grid conditions.
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Expanding from Europe to Austin, Texas, Gridraven addresses growing electricity demand, improving transmission efficiency and reliability.
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CEO Georg Rute will also relocate to Austin to scale operations and accelerate product deployment, following successful trials with Estonia's Elering, demonstrating increased capacity and improved forecast accuracy.
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According to the company, tests on a 110 kV transmission line showed Gridraven's solution improved forecast accuracy by 60% and increased forecasted line capacity by one-third.
”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,” comments Georg Rute, the CEO of Gridraven.
Investment details
The €4 million funding round was backed by 42CAP, a German investment firm investing up to €3 million in early-stage startups, and Icebreaker.vc, a Finnish early-stage VC backing idea-stage teams with deep domain expertise.
“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, partner at 42CAP, said.
The investment will enable Gridraven to expand its operations, grow its team, and expedite the launch of innovative solutions that address the changing needs of the global energy sector.
