Pressmeddelande -
Startup Eneryield secures additional seed funding
•Eneryield receives investment from ABB and Chalmers Ventures
•To bring to market an innovative solution that helps to predict evolving faults and avoid outages with AI-powered technology
•Intelliview solution to compliment ABB’s existing digital solution portfolio for power networks
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GOTHENBURG, Sweden (May 28, 2024): Chalmers Ventures portfolio company Eneryield has successfully closed a seed funding round with investment from technology leader in electrification and automation, ABB and Chalmers Ventures.
Developed following a decade of research at Chalmers University of Technology and spun out in 2019, Eneryield offers a proactive approach to power grid maintenance. Its AI-powered solution helps grid operators move from reactive to proactive maintenance and effectively reducing unplanned outages with machine learning prediction tech integrated into existing systems.
Dr. Ebrahim Balouji, Chief Executive Officer, Eneryield explains:
- With support from strategic investors like ABB and Chalmers Ventures, we are ready to take our solution to the market. Seeing our research fields combined and come to life as a commercial product is motivating to say the least. Our timing is perfect with the growing demand for green energy and the world's economic and security situation; the need for local, smart energy grid solutions is growing rapidly, and we are ready to meet that demand.
Eneryield’s software solution, Intelliview, seamlessly integrates into existing power networks without requiring additional hardware like sensors. It is an efficient and reliable solution for hassle-free implementation, saving time and cost.
The Swedish startup’s technology is designed to analyze and predict overloads and faults, helping grid operators resolve the problem without disrupting the power supply. Intelliview is available for pilots and commercial projects, as cloud or on premises deployment.
Commenting on the investment Sami Raitakoski, Grid Components Global Product Group Manager from ABB’s Electrification Distribution Solution said:
- The portfolio synergies between ABB and Eneryield will help create one of the most advanced prediction systems for power networks. Combining Eneryield’s AI analytics with ABB relays and centralized or virtualized protection and control systems will result in improved accuracy and better maintenance planning for utility and industry customers. The early warning gives the grid operator the time needed to take necessary actions to avoid faults and outages, resulting in better grid reliability and reduced operational costs."
- Eneryield is a great example of how deep tech solutions can successfully spin out from research, like Chalmers University of Technology. With the team’s highly specialized background and understanding of the business potential, we are happy to continue our support for Eneryield, says Björn Westman, Investment Director at Chalmers Ventures.
Financial terms of the transaction were not disclosed.
ENDS
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For additional information:
Ebrahim Balouji, CEO, founder, Eneryield
+46720235383
balouji@eneryield.com
Björn Westman, Investment Director Chalmers Ventures
+46 70-640 90 96
bjorn.westman@chalmersventures.com
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Eneryield
Eneryield is a startup specializing in intelligent energy analytics, powered by machine learning technology. Founded in 2019, the company prioritizes research and development. Based in Gothenburg, it receives support from Chalmers Ventures and ABB. For more information, visit https://www.eneryield.com/.
Chalmers Ventures
Chalmers Ventures is a leading Tech Investor and Venture Builder in the Nordics, dedicated to creating global growth companies, and taking new technology from lab to market. We employ a unique dual approach that integrates venture creation with tech investments, harnessing the potential of new research and deep tech within Chalmers.
Our expertise lies in initiating and nurturing companies from groundbreaking research, ensuring a robust pipeline of high-quality ventures in which we invest and act as active owners. Our involvement extends through the entire company lifecycle until exit, with the aim to generate substantial business success and make a positive global impact. Read more at: chalmersventures.com
ABB Electrification is a global technology leader making efficient and reliable use of electricity from source to socket possible. With more than 50,000 employees across 100 countries, we collaborate with our customers and partners to solve the world’s greatest challenges in electrical distribution and energy management. We help businesses, industry, and consumers run their facilities and homes efficiently and reliably. As the energy transition accelerates, we are electrifying the world in a safe, smart and sustainable way. go.abb/electrification
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