Switzerland-based energy management software provider Depsys has collected CHF13.2m ($13.1m) in a series B round that included banking group BNP Paribas and venture capital firm Set Ventures.
Founded in 2012, Depsys has developed a software platform known as GridEye to enable electric grid operators to measure, monitor and control their networks in order to ease the process of integrating renewable energy technologies.
The company focuses on helping distribution network operators in Germany and Switzerland, though it plans to continue to expand in Europe and Asia following the funding, with plans to enter the US market in the near future.
Statkraft Ventures, the strategic investment arm of energy utility Statkraft, joined VC fund manager VNT Management and family office Wecken & Cie for a $2.1m funding round for Depsys in January 2018.
The 2018 round added to the $3.1m the company raised in a 2016 series A round led by Statkraft Ventures and backed by VNT Management and One Creation.
Yann Lagalaye, head of energy transition capital for BNP Paribas, said: “Depsys’ innovative solution, mixing bespoke hardware and ground-breaking software, comes at a perfect time.
“Depsys has gathered a team of very high quality which has proven its ability to deliver an innovative though practical solution that answers actual concerns of the network operators.”