Envelio, a Germany-based grid management software spinout from RWTH Aachen University, secured €1m ($1.2m) on Monday in a round backed by public-private partnership High-Tech Gründerfonds (HTGF) and private equity firm Demeter.
Founded in 2017, Envelio has developed a software called Intelligent Grid Platform that enables electricity distributors to automate power flow management.
The platform uses machine learning algorithms to process network data and alerts the operator to any grid changes, making it easier to manage intermittent energy sources such as renewables, which account for a growing share of Germany’s energy mix.
Envelio was co-founded by five members of RWTH Aachen’s Institute for High Voltage Technology – Simon Koopmann, Fabian Potratz, Moritz Cramer, Philipp Erlinghagen and Philipp Goergens.
The capital will be used for software development as Envelio targets business growth in Germany and other European markets, having already secured business with Germany-based distributors such as Westnetz and Edis, respective subsidiaries of utilities Innogy and Eon.
Yann Fiebig, senior investment manager at HTGF, said: “As an investor we are convinced that Envelio provides a crucial technology for a successful energy transition. The demand for the solution can be expected to grow in the next years.”