- Vienna-based SaaS company HYDROGRID has raised €7.7m ($8.5m) in a Series A funding round.
- The round was led by Inven Capital and Karma Ventures and included contributions from existing investors CNB Capital and SET Ventures.
- Proceeds from the investment will be used to help the firm expand into new markets and contribute to a zero-carbon future.
- HYDROGRID provides an IoT solution for the optimum control of hydropower plants and currently supports operators in seven countries.
Founded in 2016, HYDROGRID offers a software-as-a-service (SaaS) solution for the real-time planning and operation of hydropower plants. The company’s technology utilises machine learning algorithms for inflow and power price forecasting, which enables power plant owners to increase their revenues by as much as 16 per cent. This efficiency is achieved by aligning the output of the hydropower plants with the power markets, thus reducing both daily operational workload and water losses.
Hydropower is the largest source of renewable energy worldwide, providing reliable baseload energy year-round. Despite this, a significant part of its potential remains underutilised due to a lack of digitalisation or complex regulation. “That’s what we aim to change,” says Janice Goodenough, CEO of HYDROGRID.
The new funding will enable HYDROGRID to expand into new markets and help transition towards a zero-carbon future. The investment was led by Inven Capital and Karma Ventures, with additional contributions from existing investors CNB Capital and SET Ventures.
Inven Capital is a European venture capital fund focused on later-stage climate tech investments in Europe and Israel. Karma Ventures, on the other hand, is a venture capital firm that invests in European deep-tech companies with strong technological USP and proven customer traction.
HYDROGRID’s technology allows hydropower plant operators to maximise their revenue and reduce their operational load through automated optimisation, while ensuring environmental safety and compliance. The company’s services are currently utilised by hydro operators in seven countries globally.
