The investment was led by Berlin-based early-stage investor Cavalry Ventures, with participation from climate-focused investor Übermorgen Ventures.
Claude Ritter, Managing Partner at Cavalry Ventures, says, “Openvolt’s API represents a transformative leap akin to what open banking ignited in the financial sector.”
“Just as open banking revolutionised how we manage and access financial data, Openvolt’s API can unlock a wealth of possibilities for fresh energy management solutions and fuel the accelerated growth of new ventures in the sector,” adds Ritter.
An API solution for critical energy data
Founded in 2023 by Dave Curran and Don O’Leary, Openvolt is developing an API for energy data.
The company’s API is a catalyst for sustainable innovation, empowering software developers and companies to craft a new generation of applications with the potential to significantly reduce the world’s carbon footprint.
These applications encompass various domains, including enhancing energy efficiency in residential and commercial properties, improving the electric vehicle charging experience, and enabling emerging technologies like demand response solutions for a more resilient electric grid.
Openvolt claims its technology is at the forefront of advancing sustainability efforts, facilitating the creation of impactful solutions to address environmental challenges.
Capital utilisation and launch of Beta API
Openvolt says it will use the funds to expedite the development of its API. The company is in a growth phase and actively hiring for key positions, particularly seeking remote Software Engineers in Europe.
This expansion signifies Openvolt’s commitment to advancing its technology and mission within the energy technology sector.
Co-founder Dave Curran says, “We believe that combating climate change requires actionable data-driven solutions. Access to granular energy data is a missing component in achieving a sustainable future.”
“With our API, we are ultimately removing the financial, legal and technical barriers that prevent innovators from accessing this data. By abstracting away this complexity, we believe we can unlock innovation in energy management,” adds Curran.
Launch of Beta API
Besides the funding, Openvolt is set to launch its Beta API, granting access to metre-level energy consumption data in the UK.
The company is inviting software developers who share their vision of innovation and sustainability to participate in the beta testing phase.
This opportunity will enable developers to explore the potential of energy data applications, marking a significant step toward Openvolt’s mission of harnessing energy data for a more sustainable future.
Co-founder Don O’Leary says, “Openvolt’s product is a game-changer for developers. By simplifying access to user-permissioned energy data, we’re empowering developers to focus on what they do best – innovating.”
“With our API, they can seamlessly integrate energy data into their applications, creating a new wave of solutions that drive energy efficiency and shape a more sustainable world,” adds O’Leary.
Software developers interested in participating in Openvolt’s Beta API programme and exploring the potential of energy data applications can sign up here.
Brief about the investors
Cavalry Ventures is a venture capital firm founded in 2016. It specialises in early-stage investments in European technology startups, spanning enterprise and consumer sectors. The firm has backed over 50 companies, including Forto, Bryter, and Rekki.
Swiss venture capital firm Übermorgen Ventures specialises in early-stage climate tech and decarbonisation startups in Europe. The firm prioritises both business viability and climate impact in its investments, acknowledging the urgent need to address climate change.