Smart energy company GridBeyond has raised €52m in fresh funding.
The Series C round was led by Alantra's Energy Transition Fund, Klima.
Energy Impact Partners, Mirova ABB, Constellation and Yokogawa Electric Corporation as well as existing investor, Act Venture Capital, also took part.
The firm says the additional capital will be used to further develop its platform and to invest in new markets and existing international locations including the US.
"We are delighted to complete this transaction," said Michael Phelan, chief executive officer and co-founder of GridBeyond.
"This funding, together with the support of our new partners, will enable us to expand our product offering and strengthen our leadership position in this space.
The company, which was established in 2010, is developing intelligent energy and smart grid platform for distributed energy resource management.
"The newly completed financing round sets GridBeyond on the path to increase the reach of our intelligent energy platform and deliver world leading AI and powerful automation capabilities to smart grid and energy markets across the world," Mr Phelan said.
Last year GridBeyond expanded across all deregulated markets in the US, acquired Veritone Business Energy, launched a suite of new products and doubled the size of its workforce.
Over the last three years it has increased its annual revenue on average by 70% per year with a forecast of further similar growth in 2024.
In 2016 it raised €3.3m in a Series A round led by ESB, while in 2020 it raised a further €10.5m.
It currently employs around over 160 people.
"GridBeyond has established itself as a VPP leader across different countries, enabling stakeholders throughout the value chain to optimise energy," said Bastien Gambini, Managing Partner of Klima.
"We are thrilled to support the company’s expansion and its additional services aimed at guiding customers on their path to achieving net zero-carbon," he added.
