Energyworx announces €1M funding from EDP Ventures
LISBON, PORTUGAL and HOUTEN, THE NETHERLANDS – November 12, 2019 – Energyworx, a SaaS-based platform for Energy Data Management that helps utility companies navigate and monetise the energy transition, today announced a €1 million Series A extension funding round, led by EDP Ventures, the venture capital arm of EDP. Energyworx will use the new funding to scale development and accelerate international growth within the US and European markets. A global leader in the utilities sector and part of the Dow Jones Sustainability Index, EDP is the fourth largest global player in renewable energy, ranks among Europe’s major electricity operators, and is one of the largest business groups in Portugal. The investment by EDP Ventures supports a strategic partnership between EDP and Energyworx to accelerate Industry 4.0 adoption within the utility sector.
“EDP is one of the most advanced, forward thinking utility companies in the world and a very important customer for Energyworx,” said Marcel E. Smit, CEO of Energyworx. “We are pleased that EDP Ventures recognises the potential of Energyworx’s SaaS-based energy date management cloud service and its potential to transform traditional software solutions within the energy and utilities market. The addition of EDP Ventures to our board, combined with their knowledge and international industry contacts will be indispensable as we enter the next phase of expansion.”
Recognised for the past three years in the Gartner ‘Magic Quadrant’ for Meter Data Management (MDM), Energyworx has achieved significant growth in recent years, adding a number of global utilities to its list of customers and rolling out an enterprise-grade, intelligent MDM solutions platform for utilities.
“The energy transition towards a sustainable energy world continues to rapidly evolve. As the global development and deployment of smart meters and the growth of IoT devices in the grid accelerates, there is an urgent need for utilities to trust the quality of their data and extract the maximum value from it,” said Luís Manuel, Executive Board Member at EDP Ventures. “Various business units within EDP Group already use the Energyworx platform as it provides unique flexibility to address challenges faced by utilities in the Energy Data Management sector. We are thrilled to join Energyworx and contribute to the development of Energyworx as a front runner in the Meter Data Management field.”
A majority of utility companies have complex, legacy IT systems that make innovation and digital transformation difficult to accomplish. “The Energyworx Intelligent MDM platform empowers utilities with the ability to quickly find and connect to, understand and trust their data, as data quality is one of the biggest issues in the utility industry. We look forward to enabling many more utility companies to successfully navigate and manage the energy transition that Industry 4.0 brings,” added Pieter Ennes, Chief Technology Officer of Energyworx.
Energyworx is a market leader in Intelligent Meter Data Management SaaS solutions. Energyworx helps utility companies in monetising their rapidly growing volumes of diverse data that come with the roll-out of the smart meter. The Energyworx platform powers a variety of cloud-based, utility specific applications to better understand and predict customer consumption patterns. Energyworx is the only visionary vendor in Gartner’s Magic Quadrant for Meter Data Management.
Privately held and backed by HenQ Ventures, SET Ventures and EDP Ventures, Energyworx is based in Houten, The Netherlands and Houston, Texas, USA. Learn more at https://www.energyworx.com
ABOUT EDP VENTURES
EDP Ventures is the corporate venture arm of EDP Group, an early-stage venture capital mainly focused in Seed and Series A aiming to support and stimulate the open innovation process in the energy sector. Currently managing more than 70M€, EDP Ventures looks for disruptive technologies and business models focusing in Renewable Power technology, Smart Grids, Energy Efficiency, Electric Mobility, Energy Storage, AI and ML, Cybersecurity, Digital and Predictive analytics. It is located in Lisbon and São Paulo.