Gridsight secures $7.5m to drive global energy shift

Gridsight has successfully raised $7.5 million in a Series A financing round led by Sydney-based Airtree Ventures, alongside participation from Austin-based Energy Transition Ventures, Singapore-based Aera VC, and Pat Cummins, Australian Cricket Captain.

Electricity networks are experiencing increased pressure to balance energy demand, enhance reliability, and integrate decentralised renewable energy technologies. As more consumers invest in rooftop solar, electric vehicles and batteries, utilities must find ways to optimise these technologies for both households and grid operators. Gridsight's AI-powered software utilises data analytics to provide advanced insights and orchestration tools required by grid operators. The company is currently collaborating with 50% of Australia's grid operators, managing data from 4.2 gigawatts of distributed energy resources, which facilitates improved planning and use of grid infrastructure, aiming to reduce household electricity costs and reliance on fossil fuels.

The secured funding will enable Gridsight to expand its platform, accelerate product development, and foster partnerships to address both domestic and international demand. The AI-powered software is designed to maximise the benefits of flexible resources connected to the grid, thereby minimising the need for expensive infrastructure upgrades. Its capabilities allow electricity utilities to safely optimise grid performance, manage flexible capacity management, and develop a more resilient energy future.

Dr Brendan Banfield, Co-Founder and CEO of Gridsight, commented, "This funding is a testament to the increasing demand from grid operators for cutting-edge technology to manage the grid more effectively. Electricity networks were not traditionally designed to support millions of decentralised energy technologies. Gridsight was founded to create intelligent data-driven software solutions that help utilities successfully navigate the energy transition. We're excited to continue building the platform utilities need to accelerate the shift to a flexible, decentralised and decarbonised grid, delivering lasting benefits for energy consumers in Australia and across the world."

The fundraising follows the deployment of an AI-driven flexibility programme in partnership with Endeavour Energy. This initiative aims to enable households to double the amount of rooftop solar power they export to the grid. As part of a renewed five-year partnership, the programme is expected to generate enough renewable energy across Endeavour Energy's network to offset the annual consumption of 75,000 homes and produce over $100 million in additional solar exports for rooftop solar owners.

Guy Chalkley, CEO at Endeavour Energy, noted, "Gridsight has already proven to be an invaluable strategic partner for Endeavour Energy. Their world-class capabilities are helping transform our business and the electricity services we provide millions of Australians. We're proud to be working together to accelerate our energy transition and know Gridsight will continue to drive positive change across our broader industry too."

James Cameron, Partner at Airtree Ventures, also remarked, "The decarbonisation and renewables-led electrification of industry is one of the greatest challenges the world faces, but unfortunately the electricity grid itself is already bottlenecking our progress. The grid is incredibly complicated, and it desperately needs to evolve with our changing energy demands if we have any hope of transitioning to a low carbon economy."

Cameron added, "Fortunately, AI advancements offer a solution. Gridsight has emerged as the leading global platform using AI to model the grid in real-time to help energy companies navigate the enormous new demands on the grid - from new solar installations to EV charges to AI datacentres. With a proven track record and strong market demand, Gridsight is a great example of how home-grown AI technology is at the forefront of solving huge global problems in markets such as energy."

With a focus on long-term partnerships and a commitment to evolving energy landscape needs, Gridsight is set to play a crucial role in the ongoing energy transition on a global scale.