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Gridsight, a Sydney-headquartered software startup working with half of Australia's grid operators to optimise energy resources with the help of AI, has raised $7.5 million in a Series A round to help scale its platform, accelerate product development and expand partnerships to meet domestic and global demand.
The round was led by Airtree Ventures with participation from Austin-based Energy Transition Ventures, Singapore-based Aera VC, and Australian cricket captain Pat Cummins.
Gridsight's AI-powered software uses data to provide advanced visibility, insight and orchestration tools for grid operators, including the likes of Endeavour Energy, Essential Energy and Horizon Power, as well as Northpower and Waipa Networks in New Zealand.
The capital raise follows Gridsight's recent deployment of its AI-powered flexibility program with Endeavour Energy, enabling households to double the amount of rooftop solar power they can export back into the grid.
Delivered as part of a renewed five-year partnership agreement, the initiative is expected to contribute enough renewable energy, across Endeavor Energy’s network alone, to offset the annual consumption of 75,000 homes, generating over $100 million in additional solar exports for rooftop solar owners.
"Gridsight has already proven to be an invaluable strategic partner for Endeavour Energy," says Endeavour Energy CEO Guy Chalkley.
"Their world-class capabilities are helping transform our business and the electricity services we provide millions of Australians. We're proud to be working together to accelerate our energy transition and know Gridsight will continue to drive positive change across our broader industry too."
Across its customer base the startup analyses data from 4.2 gigawatts of distributed energy resources, with its insights enabling better planning and utilisation of existing grid infrastructure while optimising renewable technologies to lower household electricity bills and reduce reliance on fossil fuel-based energy generation.
The company is in the ascendant at a time when electricity networks are under pressure to balance increasing energy demand, reliability, and the integration of decentralised renewable energy technologies from rooftop solar to electric vehicles and batteries.
"This funding is a testament to the increasing demand from grid operators for cutting-edge technology to manage the grid more effectively. Electricity networks were not traditionally designed to support millions of decentralised energy technologies," says Gridsight CEO Dr Brendan Banfield, who co-founded the company with Kurt Walkom and Hugh Chan.
"Gridsight was founded to create intelligent data-driven software solutions that help utilities successfully navigate the energy transition. We’re excited to continue building the platform utilities need to accelerate the shift to a flexible, decentralised and decarbonised grid, delivering lasting benefits for energy consumers in Australia and across the world."
Airtree Ventures partner James Cameron says Gridsight has emerged as the leading global platform using AI to model the grid in real-time to help energy companies navigate the enormous new demands on the grid - from new solar installations to EV charges to AI datacentres.
"The decarbonisation and renewables-led electrification of industry is one of the greatest challenges the world faces, but unfortunately the electricity grid itself is already bottlenecking our progress. The grid is incredibly complicated, and it desperately needs to evolve with our changing energy demands if we have any hope of transitioning to a low carbon economy," Cameron says.
"With a proven track record and strong market demand, Gridsight is a great example of how home-grown AI technology is at the forefront of solving huge global problems in markets such as energy."
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