Gridsight Raises A$36M to Unlock Hidden Capacity in Overloaded Power Grids
Synopsis
Sydney energy-tech company Gridsight has secured A$36 million in Series B funding to expand its AI-powered grid platform as renewable energy and AI data centres intensify pressure on electricity networks.
Sydney-based energy technology company Gridsight has raised US$26 million (A$36 million) in a Series B round to expand its AI-powered platform.
The platform helps electricity networks identify and use spare capacity as renewable energy and power-hungry data centres drive demand higher.
The funding round was led by Insight Partners, with participation from Galvanize and existing investors Airtree, Energy Transition Ventures and Aera VC.
It comes just 16 months after Gridsight raised A$7.5 million in Series A funding, led by Airtree, with Australian cricketer Pat Cummins among the investors.
Turning Unused Grid Capacity into Value
Founded in Sydney in 2020, Gridsight provides utilities with a real-time view of network capacity, allowing them to identify where additional electricity demand or renewable generation can be connected without immediately requiring new infrastructure.
Gridsight co-founder and CEO Brendan Banfield said as much as three-quarters of grid capacity can remain unused on average, although the amount varies according to location, time of day and season.
“The grid’s capacity challenge is not uniform. For the majority of the year, significant capacity exists; but it is uneven, dynamic and geographically dependent,” Banfield said.
The company operates across Australia, New Zealand, the US and UK, with customers including Endeavour Energy.
Solar and AI Reshape Electricity Networks
Endeavour Energy has used Gridsight's technology to double household solar export limits from 5kW to 10kW while using existing poles and wires. The program is expected to unlock more than A$100 million in customer value and enable an additional 600MW of solar capacity on the network.
Endeavour CEO Danny Cooper said Gridsight had helped the utility make more data-led decisions while operating its network closer to its full potential.
The latest funding will support Gridsight's expansion in the US alongside continued growth in Australia. The timing comes as AI data centres add another layer of pressure to electricity infrastructure, increasing the need for utilities to extract more capacity from existing networks.
Insight Partners managing director Rachel Geller said the energy transition was putting unprecedented pressure on networks, while Gridsight's platform could help utilities connect additional demand and defer some infrastructure investment.
For Gridsight, the Series B marks another step in its effort to make existing electricity infrastructure work harder as grids face increasingly complex demands.
Source: Startup Daily
Vishal is an experienced Editor at Inspirepreneur Magazine with key interests in artificial intelligence, eCommerce, entrepreneurship, lifestyle and startup sector. Prior to joining Inspirepreneur, he was a Content Writer cum Correspondent at Siliconindia Magazine, where he worked on Company Profiles, Cover Stories, Executive Profiles, Feature Articles and Thought Leadership content.
