Dexter Energy, a fast-growing startup that uses AI to help energy companies (also in the UK) optimise their portfolios, has received a €2 million (£1.72 million approx.) Series A investment led by Newion, an early-stage investor in B2B software companies. Existing investors PDENH, Stephen Asplin, and Andreas Gelfort also joined the round.
Forecasting energy using AI
The energy transition causes a drastic change in electricity markets. Where previously a select number of fossil fuel plants provided electricity on-demand, green power now flows only when the sun is shining or the wind is blowing. To successfully compete in this new playing field, large-scale providers of renewable electricity must anticipate the ever-changing weather and market conditions.
The Netherlands-based startup helps reduce the uncertainties inherent to the energy transition. With its AI-powered software platform, Dexter Energy predicts energy supplies and demands as well as market movements, so companies can optimise their renewable electricity production and consumption. The platform also helps customers get a grip on the increasing imbalance costs caused by the transition. Powered by Dexter Energy, emission-free electricity suppliers have a stronger position in the market and can phase out fossil fuel sources more rapidly.
Luuk Veeken, CEO and founder of Dexter Energy: “We are very happy with this funding, which will be used to further enhance our products. Newion has a strong track record in helping software companies to scale and we are looking forward to taking full advantage of this expertise. We aim to roll out our optimisation software platform to all liberalised European energy markets in the coming years.”
Patrick Polak, Managing Partner Newion: “Dexter Energy accelerates the energy transition – not just in the Benelux, Germany, and the UK, but soon all over the world. We see many opportunities and are excited to support the Dexter team in their further growth to market leadership.”
Anthony Viellevoije, Investment Director at PDENH: “We are extremely proud of Dexter’s success and happy to reaffirm our confidence in the team with a contribution to this Series A round. Dexter Energy’s software platform precisely and automatically forecasts the load on the electrical grid, which will become increasingly key to the success of energy companies.”
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