Dexter Energy was founded in 2017 by Luuk Veeken – a former business analyst with an independent venture capital firm specialised in clean energy investments. It started off as an idea of using machine learning to improve the electricity system. Today, Dexter Energy is a startup that uses AI to help energy companies optimise their portfolios, and yesterday, the company announced that it raised €2M in a Series A funding round led by Newion.
The round also witnessed the participation of existing investors PDENH, Stephen Asplin, and Andreas Gelfort. Newion, that led this round, is an Amsterdam-based venture capital firm focused on early-stage investments in European B2B software companies. Since its inception in 2000, the firm has invested in 70+ companies, among which: Collibra, Reasult, Nallian, Foleon, CustomerGauge, L1NDA, Swipeguide, Taxmodel, Deliverect, APICBASE, ValueBlue, Mediatool, Objective Platform and Filestage.
PDENH (Participatiefonds Duurzame Economie Noord-Holland) or the Durable Economy Participation Fund North Holland invests in both start-ups and established enterprises which have a sustainable business model or project and contribute to the economy of North Holland province. The fund is based in and funded by North Holland province and is managed by KplusV and StartGreen Capital.
Energy forecasting using AI
Amsterdam-based Dexter Energy helps energy companies in Europe to make their portfolio more sustainable and increase their profitability through AI-based forecasting and optimisations.
According to the company, imbalance in the electricity sector is rising due to the rise of unplannable renewable generation, a decentral energy system and new consumption behaviour such as EV charging. This leads to rising imbalance costs for energy retailers.
Dexter Enegry claims that this imbalance can be reduced by accurately forecasting energy flows and dispatching flexible energy assets. “Dexter offers a forecasting and dispatching solution that runs with modern AI and cloud-based technology that is more accurate and more affordable than traditional solutions,” it mentions on its website.
The company uses ts AI-powered software platform to predicts energy supplies and demands as well as market movements, so companies can optimise their renewable electricity production and consumption.
Customers can also get a grip on the on the increasing imbalance costs caused by the transition using its platform, Dexter Enegry claims. “Powered by Dexter Energy, emission-free electricity suppliers have a stronger position in the market and can phase out fossil fuel sources more rapidly,” say the company in its press release.
“We are very happy with this funding, which will be used to further enhance our products. Newion has a strong track record in helping software companies to scale and we are looking forward to taking full advantage of this expertise. We aim to roll out our optimisation software platform to all liberalised European energy markets in the coming years,” says Luuk Veeken, CEO and founder of Dexter Energy.
Dexter Energy was selected for Rockstart’s smart energy batch 2018. It works with energy companies like Axpo, Greenchoice, NieuweStroom, and Pure Energie.