Eindhoven-based tibo energy, a company that manages network congestion, saves energy costs and reduces emissions with smart grid management, has secured €3M in a seed round of funding, to expand its team and venture into international markets.
The investment was led by Amsterdam-based SET Ventures, with contributions from Speedinvest and tibo energy’s founding team members.
Rene Savelsberg, co-founder and Partner of SET Ventures says, “The opportunity for tibo is huge. We’ve seen the rate of electrification accelerate in recent years. Since 2019, 167 GW of distributed solar panels has been added to the energy mix, with the majority coming from installations at customers like those tibo is targeting.”
“Their ability to turn energy assets into a local smart grid will enable these companies to electrify quicker and optimise for price and CO2 impact. Their easily deployable cutting-edge technology is a real game-changer,” adds Savelsberg.
Driving sustainability through energy solutions
According to tibo energy, the demand for smart energy management is surging globally, particularly among commercial and industrial (C&I) companies aiming to generate on-site electricity using assets like solar panels and batteries.
Addressing the complexity of managing these assets, the Dutch company, tibo energy, offers energy management software.
Located at the Technical University of Eindhoven, tibo energy provides Software as a Service (SaaS) for simulating and controlling energy hubs and smart grids.
This optimisation allows organisations to efficiently coordinate energy consumption, generation, and storage, resulting in cost savings, emission reductions, and the prevention of grid congestion.
The company’s software-only platform contributes to the transition to local smart energy grids, reducing reliance on fossil fuels.
Capital utilisation
tibo energy co-founder, Remco Eikhout says, “We are proud to have achieved this funding as a team. The impact and commercial potential of our software is huge, and we’re glad to have a pair of world-renowned investors on board who understand that potential and will help us drive it forward. We’re greatly looking forward to the future.”
“Since the soft product launch in 2023, the strong demand for tibo’s product underscores the pressing need for tackling grid congestion and (em)powering smarter grids,” says Namratha Kothapalli, Principal at Speedinvest.
“We’ve been very impressed by Remco and the team’s entrepreneurial, energy, and technical backgrounds. Coupled with their unique market insights, the company is positioned as a key player in advancing toward a more resilient and sustainable energy future,” adds Kothapalli.
tibo energy’s will use the funds to fuel the expansion of its sales, marketing, and development teams, aiming to enhance the product and drive national and international growth.
Brief about the investors
Since 2007, SET Ventures has been investing in digital technology for a carbon-free energy system, supporting innovative founders with capital, community, and insights. Its focus is on sustainable solutions and a robust digital presence, catalysing systemic changes in energy generation, distribution, storage, and consumption across various sectors.
Speedinvest is an early-stage VC firm with €1B in AuM and 40+ investors across major European cities. The firm supports innovative startups with sector-focused teams and in-house operational experts. Its portfolio boasts 300+ companies.
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