Gridraven funding news – Tallinn-based Gridraven Secures €4 Million in Funding

The funding round included contributions from VC firms 42CAP (Germany) and Icebreaker.vc (Finland). The funds will be used to scale operations, grow the team, and speed up the rollout of their innovative solutions for the global energy sector.

Georg Rute, CEO of Gridraven said, ”The US and especially Texas are seeing significant load growth from electrification and data centres. More grid capacity is needed on day-ahead energy markets to power this growth. Our software solution boosts grid capacity with zero additional hardware, helping utilities service this load growth. We’re setting up in Austin, Texas, to be close to our customers,”.

It’s goal is to help increase grid transmission capacity by 30% globally, believing that the lack of grid capacity is a key blocker to economic growth. According to Gridraven, it takes increasingly longer to connect data centers, renewables and industry to the grid, because it takes “a decade to build a new power line."

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It's software-only Dynamic Line Ratings increase capacity by 30% on average, thanks to a detailed AI weather model. Power lines are sensitive to weather, and even a small 2 m/s wind can boost capacity by 30% due to the cooling effect.

Alex Meyer, 42CAP: “We are very impressed with Gridraven’s team and technology. Their core innovation of applying AI and machine learning to increase the resolution of weather forecasts is the missing link for unlocking more capacity from the existing grids. We see enormous potential for the solution across the world and believe the team is right for bringing it to market.”

It shared results from tests with Estonian energy provider Elering on a 110 kV power line. The tests compared forecasts with eight measurement points up to 48 hours ahead in a forested area where past wind forecasts had been unreliable.

• Forecast Accuracy: 60% better than previous forecasts.
• Reliability: 95% confidence interval was met 95.1% of the time.
• Capacity Increase: From September to November 2024, Gridraven’s forecasted capacity was 33% higher than the old method while maintaining reliable results for variable factors.

Aleksi Partanen, Icebreaker.vc adds: “Having supported the founding team from the idea stage since late 2023, we have witnessed their ability to build world-class technology. We will continue to support Gridraven throughout their progress.”

About Gridraven

Founded to address critical bottlenecks in power grids, Gridraven is a fast-growing tech company focused on delivering intelligent AI solutions that maximize grid capacity. With its newly established presence in the US, and a strong team of experts driving energy innovation, Gridraven is poised to lead the energy industry into a more efficient future."