HYDROGRID, a SaaS scale-up based in Vienna, has announced a significant funding achievement, securing $8.5 million (approximately €7.7 million) in a Series A round. The funding round was led by new shareholders Inven Capital and Karma Ventures, with contributions from existing investors CNB Capital and SET Ventures.
HYDROGRID’s mission is to digitize and optimize the operation of hydropower plants, a crucial renewable energy source. Hydropower, accounting for 60% of all global renewable generation, is a reliable baseload energy source available year-round. Despite its importance, the potential of hydropower is often underutilized due to a lack of digitalization and complex regulation.
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HYDROGRID’s Innovative IoT Solution
Founded in 2016, HYDROGRID offers automated IoT software for real-time planning and dispatch of hydropower plants. The company’s SaaS solution enables power plant owners to increase revenues by up to 16% by aligning production with power markets while reducing operational workload. The technology combines machine learning algorithms for inflow and power price forecasting with intelligent optimization across various time horizons for different types of hydro-assets.
Enhancing Environmental and Operational Safety
HYDROGRID’s solution allows hydropower operators to react in real-time to weather events, minimize water losses, and maximize power market revenues in an automated way. This approach ensures environmental and operational safety and compliance.
Global Reach and Impact
Currently, HYDROGRID supports hydro operators in seven countries, fully digitalizing their process from water to money. The company has already made significant strides in unlocking new revenue sources for landowners by analyzing over 200,000 hectares and planting more than four million trees across multiple European markets.
Investor Confidence and Vision
Inven Capital, a €500 million European VC fund focused on later-stage climate tech investments, led the funding round. Michal Mravec, Investment Director at Inven Capital, emphasized HYDROGRID’s potential to proactively manage inflow forecasting, water management, environmental regulation, and optimal power trading. Karma Ventures, a venture capital firm focused on investing in European deep-tech companies, also expressed confidence in the Austrian Startup‘s growth potential.
CEO’s Statement
Janice Goodenough, CEO of HYDROGRID, highlighted the company’s aim to change the perception of hydropower as the sleeping giant of the energy transition. She emphasized the importance of digitalization in unlocking hydropower’s full potential.
Pioneering in Hydropower Optimization
The Series A funding round marks a pivotal moment in the field of renewable energy. With its innovative approach to hydropower management, HYDROGRID is well-positioned to make a significant impact in optimizing renewable energy sources and advancing towards a zero-carbon future.
