Copenhagen-based OKTO GRID, a company that has developed a solution to digitize the energy industry, announced that it has raised €3M in a Seed round of funding.
Elewit (Redeia’s corporate VC), Rockstart, and EMD Fonden participated in the current round to support the global energy industry as performance standards rise in response to increased electricity consumption.
OKTO GRID says it will use the funds to become an industry-leading player in the European market for condition monitoring of transformers and wind turbines within the next three years.
Currently, the company is already operational in markets such as Denmark, Belgium, Italy, Slovenia, and Spain — a presence they now seek to increase.
According to OKTO GRID, it anticipates an increase in the demand for power by the year 2030.
Energy sources transitioning to renewables and electric vehicles are becoming the norm.
As society becomes more electrified, an outdated electrical system that can no longer offer a high-quality supply receives a much-needed overhaul.
Transformers are at the center of this energy transition.
OKTO GRID has created a solution to assist the energy sector to digitize assets in a simple manner without pulling significant assets out of service to prevent any wear and tear failures and to extend the lifespan of transformers by up to another 40 years.
Distributors of energy and even energy producers are now able to assess condition changes, anomalies, and track asset performance in more detail than ever before thanks to this technology.
With a particular focus on transformers, OKTO GRID began developing an IoT device in 2019 that collects mission-critical data non-invasively from electricity-generating or distributing infrastructure.
The data is then examined using the company’s in-house event detection algorithms to look for abnormalities and specific events related to the assets’ operation and end of life.
OKTO GRID claims to be the first mover in the market with its innovative solution, which can be easily deployed and installed.
Currently, the company has customers in five European countries using the solution in a demonstration phase.
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