Energy analytics startup Amperon raises $20m

Amperon Holdings, a Houston-based energy analytics startup, has successfully secured $20m in Series B funding.

Amperon Holdings, a Houston-based energy analytics startup, has successfully secured $20m in Series B funding.

The company, founded in 2018, employs artificial intelligence (AI) to forecast energy usage and supply within energy markets.

This recent investment will play a pivotal role in expanding Amperon’s capabilities, ultimately enabling more comprehensive grid data utilisation and advancing electricity forecasting innovation.

Amperon’s core mission is to empower businesses in navigating the complexities of the energy landscape while accelerating grid decarbonisation. The company specialises in building AI-driven electricity analytics tailored for energy market participants, providing them with tools for informed decision-making, optimising energy utilisation, and enhancing grid sustainability.

With this substantial injection of capital, Amperon intends to evolve from an electricity demand forecasting platform into a holistic data analytics solution. This expansion will equip grid operators with the necessary data insights to seamlessly incorporate intermittent renewable energy sources like wind and solar into the power grid supply, thereby ensuring grid stability. Furthermore, it will address the challenges posed by demand unpredictability, exacerbated by climate change and extreme weather events.

The significance of robust energy data analytics extends to aiding grid customers in their efforts to measure and reduce their carbon footprints. This includes the assessment of energy usage, which falls under Scope 2 emissions.

Amperon’s remarkable growth trajectory is evident, with its revenue experiencing a fivefold increase since 2021. The company has quadrupled its workforce to accommodate this growth and is poised to expand further into new markets. As part of this expansion, Amperon plans to onboard additional engineers, data scientists, customer support personnel, and sales professionals.

Sean Kelly, CEO and co-founder of Amperon, expressed the company’s unique position in a rapidly changing energy landscape, stating, “The energy transition is creating unprecedented market volatility, and Amperon is uniquely positioned to help market participants better navigate the transitioning grid – both in the U.S. and as we expand globally…. With this funding, we are poised to leverage our cutting-edge AI models to enable customers to unlock more value from data and asset optimization, spanning from on-site solar to commercial load management with backup generation and microgrid deployment.”

The funding round was led by Energize Capital, with participation from notable entities such as the D. E. Shaw group, Veriten, and existing investor HSBC Asset Management. Additionally, long-time Amperon customers Ørsted and another strategic utility partner joined the round. With this round of funding, Amperon’s total funding raised to date stands at an impressive $30m.

Energize Capital Partner Tyler Lancaster, who joins the Amperon board of directors said, “Today’s electricity grid is facing uniquely modern challenges as we work to rapidly transform our energy assets and decarbonise our economy. To facilitate the energy transition – a multi-trillion-dollar market opportunity — we need more software tools custom-built to handle the complexities of our evolving energy markets.

“Amperon’s AI-powered analytics platform is exactly that, providing the accuracy and sophistication necessary for energy players across the value chain to manage their energy use and streamline our collective pathway to net-zero. After getting to know Sean and the Amperon team since inception, Energize is thrilled to officially partner with them as a lead investor in this funding.”

Keep up with all the latest FinTech news here.

Copyright © 2023 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.