HYDROGRID Secures $8.5 Million in Series A

HYDROGRID Secures $8.5 Million in Series A

HYDROGRID, a Vienna, Austria-based scale-up that focused on digitizing hydropower, has secured $8.5 million in Series A funding.

The round was led by Inven Capital and Karma Ventures, with contributions from existing investors CNB Capital and SET Ventures.

Inven Capital is a EUR 500M European VC fund focused on later-stage climate tech investments in Europe & Israel. Inven Capital’s strategy is to invest in innovative fast-growing climate tech scaleups, with a focus on decarbonization.

SET Ventures invests in companies with sustainable solutions and a strong digital DNA leading the systemic change of how energy is generated, distributed, stored, and consumed in sectors such as distributed infrastructure, energy retail, buildings, mobility, and industry as well as enabling technologies.

The company will use the funding to accelerate growth, expand into new markets, and contribute to the transition to a zero-carbon future.

Founded in 2016, HYDROGRID offers automated IoT software for the optimal, real-time planning and dispatch of hydropower plants. The company's solution combines machine learning algorithms for inflow and power price forecasting with intelligent optimization across short-, medium--, and long-term horizons. The company's platform enables hydropower plant operators to proactively manage inflow forecasting, water management, environmental regulation, and optimal power trading in real-time. Currently, the company supports hydro operators in 7 countries around the world to fully digitalize their process from water to money.

Funding Details

Company: HYDROGRID GmbH

Raised: $8.5M

Round: Series A

Funding Month: December 2023

Lead Investors: Inven Capital and Karma Ventures

Additional Investors: CNB Capital and SET Ventures

Company Website: https://hydrogrid.ai/

Software Category: Automated IoT Software for the Optimal Control of Hydropower Plants