Amperon raises $7m in Series A for AI-powered grid forecasts
Amperon Holdings, a US-based provider of artificial intelligence (AI) powered grid forecasts, has raised $7 million in a Series A funding round.
The financing round was led by HSBC Asset Management through its new Climate Tech Venture Capital Fund.
Others who took part in Amperon Series A round are Riverstone Holdings, Climate Capital, Muus Asset Management, and Arcadia CEO Kiran Bhatraju.
Founded in 2018, the Houston-based Amperon has built a tool that is said to help electricity market participants in addressing the rising issues of reliability and sustainability of the grid.
Commenting on Amperon Series A round, Michael D’Aurizio — HSBC Asset Management investment director said: “There has been major underinvestment in utilities who still rely on legacy tools for their demand forecasting needs. However, power grids have taken on more intermittent renewables, flexible demand, and dealing with increasingly volatile weather.
“This poses a risk management challenge. Amperon’s laser-precise forecasts are critical building blocks that address the changes taking place on the grid and the need for net-zero emissions.”
Amperon Series A round : US start-up secures $7m for its AI-powered grid forecasts. Photo courtesy of alyoshine from Pixabay.
The Series A round takes the total funding of the electricity analytics provider to $10 million.
Amperon, which has operations in the US, Canada, and Australia, will use the new funds to take its AI-powered electricity demand analytics to new markets in Europe and Asia.
The company also plans to widen its customer base to utilities, virtual power plants, industrial and commercial customers, and grid operators who very badly want innovation in the face of growingly volatile energy supply and varying demand patterns.
Sean Kelly — CEO and co-founder of Amperon, commenting on Amperon Series A round, said: “I’ve been in this industry for seventeen years, and the tools companies currently use are completely ineffective to tackle the energy transition.
“We need a grid that runs on AI to keep up with these exponential changes. This partnership with HSBC means we can expand our presence to reach every electricity market participant.”