Funding

Versiro funding news – Trondheim-based Versiro Secures €2.3 Million in Funding

Jul 3, 2024 | By Startup Rise EU

Versiro, a startup that uses artificial intelligence to assist electricity producers in making better minute-to-minute market decisions, has raised €2.3 million, valuing the business at €10.5 million.

Versiro, a startup that uses artificial intelligence to assist electricity producers in making better minute-to-minute market decisions, has raised €2.3 million, valuing the business at €10.5 million.

SUMMARY

  • Versiro, a startup that uses artificial intelligence to assist electricity producers in making better minute-to-minute market decisions, has raised €2.3 million funding
  • Versiro creates software that gives power producers dealing in erratic electricity markets customised strategies.

Leading the round was Alliance VC, with participation from Sondo Capital, Hans Geelmuyden, Johannes Teyssen (former CEO of E.ON), Fredrik Thomassen (founder of Superside), and Henrik Langeland and Nikolai Heum (founders of Enode).

Simon Risanger, Markus Löschenbrand, Alliance VC, Startuplab, Fortress Fund, NTNU Technology Transfer, Johannes Teyssen, Jørgen Kildahl, and Sondo Capital are the major owners of Versiro following the issuance.

The company will now expand the solutions throughout the rest of Europe after gaining traction in Norway. In 2022, Simon Risanger (age 31) and Markus Löschenbrand (age 34) formed Versiro. The Norwegian University of Science and Technology awarded both of them doctorates.

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In their study, they concentrated on the difficulties faced by electricity providers when fossil fuels, which have a high degree of flexibility, are gradually replaced by intermittent renewable energy from the sun and wind. The latter is unable to supply power with the same consistency.

The creation of artificial intelligence-based technologies that can manage this unpredictability and, by processing vast volumes of data, provide constantly updated analyses to act as decision support for players in the power market, was the solution.

Simon Risanger, co-founder and CEO of Versiro said, “Through this round, we have both secured financing for Versiro and established a resource base of competent and committed shareholders. We thank the investors for their trust, and look forward to working with them,”.

These days, power producers have to rely mostly on projections, trade by hand, or utilise algotraders. These systems cannot swiftly enough alter their financial and physical situations, nor can they handle the power system's dynamics and massive information access. Versiro has created a basic model that takes into account the requirements of the power system in various power markets, integrating it with the production and intended risk profile of the power producers.

This analysis is done continuously and almost in real time thanks to Versiro's system. An updated, exposure-specific, risk-adjusted strategy can be provided to the power producer at any time. Both the producer and the power system benefit from this: the producer makes more money by taking a more advantageous position in the power market, which reduces imbalances in the power system. As a result, the power grid may include more variable renewable energy.

Jørgen Kildahl, chairman of Versiro said, “I have worked for and with large power producers for over three decades and am not surprised by the response from investors. Versiro’s solutions demonstrate that they can both reduce risk and increase the income of power producers by as much as ten percent. For 11 years, Kildahl was responsible for the development and operation of Statkraft’s commercial operations in Europe. He served five years in the group management of E.ON where he for several years i.a. was responsible for the commercial operations as Head of Global Units. "

Arne Tonning, partner at Alliance VC said, “We are deeply impressed by the Versiro founders’ domain-expertise and the solution they have built to secure a well-functioning electricity market. We are excited about the opportunity to invest in the company and contribute to its success,”

About Versiro

Versiro creates software that gives power producers dealing in erratic electricity markets customised strategies. The company is a spin-out of the Norwegian University of Science and Technology's (NTNU) departments of Industrial Economics and Technology Management and Electrical Power Engineering.

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