Eindhoven-based developer of smart grid management system tibo energy has raised €3 million in a seed round led by Amsterdam-based SET Ventures, as Vestbee was told by the fund. Austrian Speedinvest, together with the startup’s founding team, participated.
Founded in 2022, tibo energy is developing energy management software that enables commercial and industrial customers to streamline electrification without the need for grid expansion. Powered by Machine Learning, the startup’s platform provides companies with the capability to manage intelligent energy networks.
The fresh round was led by SET Ventures, Dutch venture capital fund, investing in digital technology for a carbon-free energy system with focus on such sectors as distributed infrastructure, energy retail, buildings, mobility, enabling technologies.
We’ve seen the rate of electrification accelerate in recent years. Since 2019, 167 GW of distributed solar panels has been added to the energy mix, with the majority coming from installations at customers like those tibo is targeting. Their ability to turn energy assets into a local smart grid will enable these companies to electrify quicker and optimise for price and CO2 impact - Rene Savelsberg, co-founder and Partner of SET Ventures, explains fund’s investment decision.
The startup plans to allocate the fresh funding into expanding its sales, marketing, and development ream, as well as its geographical footprint.
