Deep tech startup Gridcognition has reached the $4 million mark in total funding, with the latest round of seed funding raising $2.25 million for the Perth-based energy solutions company.
The announcement follows a whirlwind year for Gridcognition, having delivered 10% month-on-month revenue growth in 2021.
The latest fundraising initiative drew keen interest from several key players in the industry, as industry leaders race towards the net-zero emissions set target firmly on the horizon.
Industry leaders back vision for cleaner future
The software-based startup was co-founded by entrepreneurs Fabian Le Gay Brereton (CEO) and Pete Tickler (Chief Product Officer) in an effort to advance Australia towards a decarbonised energy future.
The pair were also behind the cloud-based energy management software platform Greensense, launching the venture in 2010 before it was acquired by leading energy company ERM Power.
Gridcognition’s latest injection of $2.25 million follows a Pre-seed funding round which raised $675k in 2020 and a grant of $1 million from the Australian Government in mid-2021 to allow for technology commercialisation.
The startup assists emerging and existing energy companies, helping to plan for ideal commercial and environmental outcomes from distributed energy resource projects using Gridcognition’s “digital twin” modelling Software-as-a-Service (SaaS).
Over the next 30 years, trillions of dollars will be invested in new energy and transport infrastructure as the world transitions away from fossil fuels – investment that will increasingly be in smaller, smarter and more decentralised infrastructure.
Fabian Le Gay Brereton, Gridcognition CEO
“These projects can be extremely complex, combining over a dozen commercial value streams across large portfolios of sites, each integrating multiple intelligently controlled DERs including solar, battery storage, electric vehicle chargers and fleets, flexible loads, and backup generators,” Mr Le Gay Brereton explained.
Despite still being in the early stages of its conception, Gridcognition has already secured an impressive portfolio of clients who have harnessed the company’s SaaS offering.
Severable notable names within the energy industry joining Gridcognition’s vision of a cleaner future include Ampol Australia, Origin Energy, Ausnet Services, JET Charge, Synergy and Simply Energy.
Leading Australian home and car insurance provider RACV has also joined their client base, channelling Gridcognition’s digital twin modelling system to support RACV’s transition towards greener energy practices.
“Australia is leading the world in the transition to a clean decentralised energy system, and Gridcognition is helping us to explore opportunities this presents across home, motoring, mobility, energy and leisure sectors of our business,” Renae Gasmier, General Manager of Energy Services at RACV explained.
The deep tech company has added a myriad of new names to its growing list of shareholders, including the Clean Energy Finance Corporation, Alberts Impact Ventures, Afterwork Ventures, John Clifford, Kara Fredericks and Ed McManus.
“the transition to a global renewable energy economy is a $20B plus opportunity over the next 20 years. It’s a modern day gold rush and Gridcognition is the pick and shovel.”
Glenn Bartlett, Head of Strategy at Alberts Impact Ventures
In 2021, Gridcognition made its mark within the Free Electrons Accelerator Program, a program that provides startups with a platform to connect with and test their solutions alongside top global energy utilities.
Gridcognition represented only one of two Australian startups within the top 15 finalists of the 2021 program, rapidly attracting interest from all avenues since.
“We’re not sure whether we’re benefiting from the ‘great resignation’ or the fact that quality people are increasingly drawn to impactful jobs. Despite Gridcognition being a COVID-baby, with Pete and I trapped behind the WA border, we’ve managed to attract an A-team of investors, customers, and talent,” said Mr Le Gay Brereton.
The most recent appointments to Gridcognition’s expanding team include Sam Thorogood (Chief Technology Officer), Ana Grulovic (Head of Finance), Simone Guin (Global Marketing & Communication Manager), Dr James Barnard (Head of Data Science) and David Koopmans (Chief Revenue Officer).
