UK-based energy management software provider Upside Energy has secured £5.5m ($7.4m) in a series A round co-led by Legal & General Capital, a subsidiary of insurance firm Legal & General.
The round, which was co-led by investment and advisory firm SystemIQ, was disclosed by Upside without the figure, which was reported by The Energyst. It also featured energy asset management firm Modern Energy and venture capital firm Bulldog Innovation Group.
Founded in 2013, Upside has created a cloud-based software platform that aggregates the energy from conventional power supplies, renewable energy systems, heating systems and electric vehicles, making it available to be sold back to the grid at peak times.
The company eventually aims to form an open platform capable of coordinating and managing distributed energy storage on behalf of hundreds of thousands of devices.
Upside raised $780,000 in April 2016 from angel investors including some who participated through impact investment bank ClearlySo.
John Bromley, head of clean energy for Legal & General Capital, said: “Alongside investing in the creation of long term clean energy generating assets in solar and onshore wind, we are investing in complementary technology that together will be essential in delivering an affordable clean energy system to UK consumers.
“We aim to create long-term social and economic value by investing in the future of our energy system. Ultimately, we will enable UK consumers to enjoy affordable clean energy that is owned and financed by their UK pensions, savings and investments.”