The Dutch start-up NET2GRID has secured funding to grow the development and deployment of its AI-based smart energy offerings.
The Series B funding has been led by Shell’s VC arm Shell Ventures, Netherlands headquartered investor APG Asset Management and EDP’s VC arm EDP Ventures.
NET2GRID’s platform uses artificial intelligence and machine learning technologies to engage customers with insights on their energy consumption based on real-time analysis and disaggregation of their metering data.
The solution is provided as a service with clients including E.ON, Dutch green supplier Pure Energie and Italian energy companies ENI and NEN Energia.
With this funding, NET2GRID intends to further optimise the customer journey and data analytics capabilities and boost the development of its peer-to-peer energy community solution as well as its residential virtual power plant platform.
The company also plans to accelerate its international expansion outside Europe, with a particular focus on the Australian and North American markets.
”We are proud to add these respected partners, and their long term commitment to NET2GRID’s success, to our investor base,” says Bert Lutje Berenbroek, NET2GRID’s founder and CEO.
“We share a vision of creating an intelligent, transparent, and cleaner energy value chain, by translating energy consumption data into smart, personalised services.”
Current partners includes Samsung, SAP, and Amazon Web Services.
Shell Ventures is actively investing into innovative startups that reflect its ambitions as it grows its foothold in the electricity sector.
Its most recent investment is a Series B contribution in blockchain pioneer LO3 Energy.
The NET2GRID investment is not the first of its type for Shell Ventures. Last year the provider led a funding round with Centrica and others in Greencom Network’s residential energy IoT platform.
Other recent advances include the securing of AI-powered demand forecasting solutions from solutions provider Innowatts and investment in California electric vehicle sharing services provider Envoy Technologies to scale its EV services.