SET and BNP Paribas invest in DEPsys
Technology for the automation of power grids – GridEye makes energy system transformation easy for grid operators
Amsterdam, 12 February 2019 – The Swiss technology company DEPsys received EUR 12 million as part of a Series B investment. New investors are SET Ventures and BNP Paribas. This capital increase prepares DEPsys for strong international growth. In 2018, DEPsys doubled the number of customers and is now present in ten markets across two continents. Large-scale rollouts are under way, and recently, DEPsys established its first international subsidiary in Germany.
Julia Padberg, Investment Manager at SET Ventures: “We are proud of this first investment from our new SET Fund III. DEPsys’ market leading end-to-end smart grid solution lies at the core of the energy system transition. It enables the rapid global adoption of electric vehicles and solar PV installations, whilst limiting the number of power outages and exuberant grid reinforcement costs.”
Michael De Vivo, CEO of DEPsys: “DEPsys is firmly convinced that supplying the world solely with electricity from renewable sources will be possible in the future. We have set out to accelerate the energy revolution and make it easier for grid operators. With GridEye, we have developed an innovative technology solution to drive this mission forward. It is a Swiss Army Knife with all the instruments for distribution system operators to make their energy turnaround a success, without fear of a complex, protracted and expensive transformation process. We are proud to have gained the support of our renowned new investors BNP Paribas and SET Ventures. Their networks and market expertise will be invaluable for us successfully penetrating new markets.”
Focus on DACH, growth opportunities in Western Europe, Asia and North America
DEPsys continues to focus on the markets in Germany and Switzerland, but the end-to-end solution provider also aims to accelerate business in the further European market and worldwide. DEPsys will continue to expand in Asia, where three major customers have been acquired. Entry into the North American market is planned.
In 2016 and 2018, DEPsys completed two successful financing rounds with Statkraft Ventures, VNT Management, ONE Creation, and Wecken & Cie. As a result, DEPsys was able to professionalize its corporate structure, further develop its smart grid solution and strengthen its international market presence. In 2019, together with BNP Paribas (as lead investor) and SET Ventures, they will add a further 13.2 million Swiss francs in funding. Funds with which DEPsys is gearing up for future growth.
DEPsys is a Swiss technology company that plays a pioneering role in the energy market. It develops innovative technology solutions that support participants in the electricity market in the efficient use of new energy sources. With the GridEye network optimization platform, DEPsys enables the measurement, monitoring and control of distribution networks for the efficient integration of renewable energy sources at decentralized feed-in and consumption points. On this basis, the company offers growing solutions that enable operators of traditional power distribution networks to overcome modern limitations. These stem, for example, from the decentralized production of renewable energy sources such as photo-voltaic systems and from new storage technologies.
DEPsys is headquartered in Puidoux in French-speaking Switzerland on the shores of Lake Geneva. For more about DEPsys: www.depsys.ch.
About SET Ventures
Since 2007, Amsterdam-based SET Ventures has invested in European technology companies that impact the future of the energy system. SET Ventures focuses broadly on innovative energy generation, energy distribution and storage, and energy efficiency. SET Fund III provides early growth-stage capital to ventures that shape the energy system transition through smart software and services-based business models.