Swiss Smart Grid Solution Company DEPsys Raises Additional CHF 2 Million
After an initial Series-A financing round of CHF 3 million in 2016, DEPsys raises CHF 2 million of additional funding from its current investors Statkraft Ventures and VNT Management, as well as from a new investor, the Swiss single family office Wecken & Cie.
This helps further developing the company’s smart grid solution and strengthening its position in the European market. The products and services help grid operators to seamlessly integrate the increasing amount of renewable energy and electric vehicles.
"We are really impressed how DEPsys grew so rapidly from a prototype-stage start-up to a dominant player with dozens of customers internationally. We are happy to continue our support for Michael De Vivo and his great team”, says Stefan Hülsen, Senior Investment Manager at Statkraft Ventures GmbH and Member of the DEPsys board.
While the initial financing allowed to industrialize the GridEye solution and to set up a professional organization, the additional funding will accelerate the development of the applications and further develop the market presence internationally.
With this financing, DEPsys has set up a very strong investor base that lays the foundation for the next two-digit multi-million funding round with additional renowned investors to prepare its upcoming globalization and to position itself as a global market leader with a unique technology.
"Our solution matured significantly in the past 18 months and we have developed a clear vision of the power grid of the future," says DEPsys CEO Michael De Vivo. "We have signed a number of very important international agreements and contracts in 2017. This funding gives us the ability to further strengthen our competitive advantage and expand our reach," he adds.
"The DEPsys solution has the potential to become the leading real-time control platform for the management of low voltage grids. Distribution System Operators will especially benefit from its plug-and-play concept, its easy installation and the absence of a grid model, which avoids cumbersome regular updates," says Peter Auner, Partner of VNT Management.
Power grids require a balance between energy generation and consumption. Due to the energy transition, simultaneous generation from photovoltaic installations or simultaneous charging of electric vehicles exert additional pressure on the balance of the power grid and, at worst, can provoke dangerous situations and potential failure in energy supply. The DEPsys GridEye smart grid solution monitors, stabilizes and optimizes the power grid in the new era, using high-precision measurements and advanced control algorithms in a fully decentralized architecture.