Origami has welcomed a follow-on investment from Cambridge Innovation Capital as it prepares to take its energy management and control platform into international markets.
UK-based energy distribution management software developer Origami Energy closed an £18.6m ($26.3m) series B round on Thursday with a consortium featuring Cambridge Innovation Capital (CIC), the patient capital fund affliated with University of Cambridge.
The round also featured power production services provider Aggreko, as well as unspecified subsidiaries of shipping group Fred Olsen and investment firm Octopus Ventures.
Founded in 2013, Origami Energy has developed technology to remotely monitor and control energy distribution flows in real-time. The system can faciliate the integration of renewable energy and batteries, while helping wholesalers spot opportunities during day-to-day market trading.
The capital will allow Origami to pursue strategic partnerships with energy companies as it targets business growth in the UK and an international expansion. Origami currently has agreements in place with energy suppliers including Good Energy and SmartestEnergy.
Origami previously raised $19.5m in series A capital in 2016 from CIC, Octopus and unnamed divisions of Fred Olsen, as well as private investors. CIC had already contributed $2m in 2014 as part of a $6.4m seed round also backed by Octopus and two unnamed angel investors.
Andrew Williamson, investment director of Cambridge Innovation, said: “We are pleased to see that Origami Energy continues to meet key targets in commercialising its technology to provide value to energy market participants. We look forward to working with the company during the next phase of its expansion.”