Estonian startup Gridraven, whose AI-driven Dynamic Line Rating technology addresses grid bottlenecks and unlocks up to 30% more grid capacity annually, has raised 4 million euros funding and expanded into the United States with the registration of its subsidiary.  

As part of this expansion, Gridraven’s CEO, Georg Rute, is preparing to relocate to Austin, Texas, to spearhead the company’s US operations in one of the world’s most dynamic energy markets.

”The US and especially Texas are seeing significant load growth from electrification and data centres. More grid capacity is needed on day-ahead energy markets to power this growth. Our software solution boosts grid capacity with zero additional hardware, helping utilities service this load growth. We’re setting up in Austin, Texas, to be close to our customers,” comments Georg Rute.

To fuel its international expansion, the company has raised €4 million in funding from leading European venture capital firms, including 42CAP from Germany and Icebreaker.vc from Finland. The funding will be directed toward scaling operations, growing the team, and accelerating the rollout of innovative solutions designed to address the evolving challenges of the global energy sector.

Gridraven enhances grid capacity

Gridraven’s system optimises transmission lines by leveraging machine learning-based weather models, allowing grids to carry more power during favourable conditions. Their technology can unlock more capacity for grid operators today without needing any new hardware.

Founded to address critical bottlenecks in power grids, Gridraven is a fast-growing tech company focused on delivering intelligent AI solutions that maximize grid capacity.

“Their core innovation of applying AI and machine learning to increase the resolution of weather forecasts is the missing link for unlocking more capacity from the existing grids. We see enormous potential for the solution across the world and believe the team is right for bringing it to market,” said Alex Meyer, General Partner at 42CAP.

Successful results in cooperation with Elering

Gridraven has locked in its first successful results with Estonian energy provider Elering. The results are based on tests conducted on a 110 kV line, where forecasts were validated against eight measurement points up to 48 hours ahead. The trials occurred in a forested area where current wind forecasts had previously failed to provide reliable results.

“Our software solution boosts grid capacity with zero additional hardware, helping utilities service this load growth. We’re setting up in Austin, Texas, to be close to our customers.”
Georg Rute, CEO of Gridraven

Gridraven’s solution demonstrated success: the company´s forecast accuracy was 60% better than existing forecasts and from September to November 2024, Gridraven’s forecasted line capacity was a third higher than the capacity achieved with the previously used approach.

“Having supported the founding team from the idea stage since late 2023, we have witnessed their ability to build world-class technology. We will continue to support Gridraven throughout their progress,” added Aleksi Partanen, Icebreaker.vc General Partner.

GOOD TO KNOW

• Gridraven’s system optimizes the grid by leveraging AI weather models, allowing power lines to carry more power during favorable conditions.
• This breakthrough technology can unlock more capacity for grid operators today, speeding up renewable energy integration and lowering energy costs globally.
• The company successfully tested this solution and are partnering with leading utilities to enhance grid performance and resilience.
• Today Gridraven’s solution is available globally.
• In July 2024, the company received €1.5 million in funding from Enterprise Estonia under the Programme for Applied Research. This substantial funding will support a 2.5-year project to improve Gridraven’s technologies and expand its global impact.

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