Series‑A: Swiss smart grid company DEPsys receives CHF 2 million.
Puidoux — Following an initial Series A funding round of 3 million Swiss francs in 2016, DEPsys has received additional funding of 2 million Swiss francs from existing investors Statkraft Ventures and VNT Management, as well as from a new investor, Swiss single family office Wecken & Cie. These funds will be used to further develop the company’s smart grid solution and thus strengthen its position on the European market. The products and services help grid operators seamlessly integrate the increasing number of renewable energy sources and electric vehicles.
While the original funding enabled the industrialization of the GridEye solution as well as the establishment of a professional corporate structure, the additional funding serves to accelerate the application development as well as the further development of the international market presence.
With this financing, DEPsys creates a very strong investor base, which lays the foundation for another round of financing in the double-digit millions by other well-known investors, which in turn will enable the preparation of the upcoming globalization as well as the positioning as a worldwide market leader for the unique technology.
“Our solution has matured significantly over the past 18 months, and we have been able to develop a clear vision of the power grid of the future in the process,” explains DEPsys CEO Michael De Vivo. “We signed a number of very important international agreements and contracts in 2017. This funding gives us the opportunity to further strengthen our competitive advantage and expand our reach.”
“We are very impressed by how quickly DEPsys has evolved from a classic start-up to a dominant market player with dozens of customers around the world. We look forward to further supporting Michael De Vivo and his great team,” says Stefan Hülsen, Senior Investment Manager at Statkraft Ventures GmbH and member of the DEPsys Board of Directors.
“The DEPsys solution has the potential to become the leading real-time platform for low-voltage network management. Distribution network operators specifically benefit from the “plug & play” concept, its easy installation and the elimination of a network model, which eliminates the need for time-consuming updates,” says Peter Auner, Partner at VNT Management.
Power grids require a balance between power generation and consumption. Due to the energy transition, the simultaneous generation of electricity by photovoltaic systems or the simultaneous charging of electric vehicles exerts additional pressure on the balance of the power grid, which, in the worst case, can cause dangerous situations and possible faults in the power supply. DEPsys’ GridEye smart grid solution monitors, stabilizes and optimizes the power grid in this new era thanks to high-precision measurements and advanced control algorithms in a fully decentralized architecture.
Founded in 2012, DEPsys AG is a Swiss technology company that is a thought leader in the energy market. It provides smart solutions that allow traditional low-voltage grids to handle the problems posed by the decentralized production of renewable energy sources, such as solar panels, and large loads, such as charging infrastructure for electric mobility.
About Statkraft Ventures
Statkraft Ventures GmbH is a European venture capital firm working with exceptional entrepreneurs who are fundamentally changing the energy sector. The company operates an exit strategy and is supported by the Statkraft Group, Europe’s largest producer of renewable energy. Statkraft Ventures invests on general venture capital terms. The company invests 10 million euros every year.
About VNT Management
VNT is one of the first European venture capital companies to focus on clean technologies, particularly renewable energy, power electronics and energy conservation. VNT is active in Scandinavia as well as in German-speaking countries. Currently, VNT manages three funds (Power Fond I, II, III) with an investment capital of 157 million euros. VNT invests mainly in technology-oriented startups and growth companies. VNT executives have core experience in the power conversion and energy control industry. This gives the target companies of the VNT funds the decisive added value. Extensive business experience, active management and fair play characterize VNT’s business principle.
About Wecken & Cie
The single-family office based in Basel invests, among others, in start-up and growth companies with a focus on internet, software, technology, medical technology in Germany and Europe.