(Photo by American Public Power Association on Unsplash)Amperon Holdings, a provider of AI-powered electricity forecasts, announced it raised $20 million in Series B funding led by Energize Capital.
Other participants in this round include the D. E. Shaw group, Veriten, and existing investor, HSBC Asset Management. Two long-time Amperon customers, Ørsted and another strategic utility partner, also joined the round. The funding is intended to propel Amperon’s evolution from an electricity demand forecasting platform to a comprehensive data analytics solution, enabling businesses to navigate the energy complex and accelerate grid decarbonization. This brings Amperon’s total funding to $30 million.
Today, predicting and planning for power demand is more challenging than ever. This is due not only to the effects of climate change, but also the increasing penetration of variable energy resources, like wind and solar, on the supply side, and surging demand growth driven by flexible loads and rapid electrification. Amperon says its data analytics software can be utilized to mitigate the systemic risk that comes with increasingly turbulent power grids worldwide.
“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,” said Sean Kelly, CEO and co-founder of Amperon. “We’ve already established ourselves as the premier provider of electricity demand forecasting software. 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.”
Since 2021, Amperon grew revenue by 5x, finding product-market fit with existing customers, and helping new market participants navigate the space. Headcount has grown by 4x over the same period, and Amperon said it plans to hire more engineers, data scientists, customer support, and sales roles as the company expands into new markets.
