Cologne, Germany-based epilot, a provider of cloud-native software solutions that support the energy transition, announced on Wednesday, that it has raised €10M in funding from Expedition Growth Capital.
As a part of the funding, Will Sheldon, Partner at Expedition Growth Capital, will join epilot’s advisory board.
The German company plans to use the funds to speed up its product roadmap and expand its team of about 100 employees.
It includes growing the product engineering team to develop new products and solutions for the platform and to enhance its AI capabilities.
The funds will also be used to empower energy and utility companies to adopt renewable energy through seamless technology.
Michel Nicolai, CEO & co-founder of epilot, says, “Our mission at epilot is to accelerate the energy transition. Whilst we didn’t need to raise this funding as we have been growing sustainably, today’s announcement is a major milestone on our journey and will enable us to execute even faster on our platform roadmap and expansion plans. We are excited to welcome Expedition as our growth investor based on their thesis in our industry and deep experience in supporting vertically focused SaaS companies in achieving scalability.”
What does epilot solve?
Many believe that outdated IT systems used by utilities and grid operators are hindering the switch to renewable energy.
These old-school software systems prevent them from keeping up with customer needs and managing increased workloads.
This is hampering the transition to renewable energy at a crucial time when the effects of climate change are being felt more than ever.
Here’s where epilot comes in.
epilot: Pioneering energy transition
Founded in 2017 by Michel Nicolai (CEO), Szilard Toth (CTO), and Rolf Benken (CFO), epilot provides software to enable the green energy transition.
The German company provides an all-in-one solution, streamlining processes and reducing complexity for enterprise customers.
With the platform, utilities can standardise and automate sales processes for new renewable energy products and increase efficiency when handling customer inquiries and installation companies.
Grid operators can use the software to reduce bottlenecks in workflows and connect more customers to renewable energy systems at home.
By leveraging the company’s platform, customers can reduce their reliance on siloed and inflexible tools such as Microsoft Excel and outdated CRM systems. Projects that would usually last between 18-24 months can be completed in only a few weeks.
epilot’s currently works with over 150 customers, including badenova, DEW21, enercity, and Mainzer Netze.
The company also achieved annualised recurring revenue (ARR) growth above 120 per cent year-on-year in its most recent financial year.
The investor
Expedition is a software specialist growth equity firm, with offices in London and Boston.
The company partners with ambitious, rapidly growing software companies that have achieved significant traction with little or no external funding.
Will Sheldon, Partner at Expedition Growth Capital, says “We are thrilled to partner with epilot’s passionate team of experts and visionaries. The energy industry is now embracing digital transformation along with the green transition and epilot’s strong and efficient growth is a testament to the value that sophisticated customer organisations are seeing.”
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