SHYFT Power Solutions, a company that develops IoT and software to improve distributed energy resource performance and operational efficiency in emerging markets, has raised an additional $3.1 million in seed funding, bringing its total seed round to $3.8 million.
The SoftBank Vision Fund’s Emerge Program and Total Carbon Neutrality Ventures led the funding round, which included participation from other investors such as Lofty Inc, Samurai Ventures, and Urban US Ventures.
Stanford engineers founded SHYFT to resolve the difficulties of providing and scaling clean, affordable energy solutions in emerging markets.
SHYFT’s initial target is Nigeria, which is on track to become the world’s third most populous country after China and India, but where an inefficient grid has led to widespread reliance on generators, which account for nearly 8x the grid’s capacity.
In emerging markets like Nigeria, SHYFT is leading the digitization of the energy landscape. Its asset management solution uses algorithms to track, automate, and optimize how properties, as well as grid connections, are used individually and as part of an integrated framework, while also aggregating a variety of data streams.
SHYFT’s Co-Founder and CEO, Ugwem Eneyo, said. “I founded SHYFT to build the technologies that will support and accelerate this transformation, while also ensuring that the use of cleaner solutions will help to reduce carbon emissions on the way to affordable energy access. We are lucky to have investors on board, as their sector and global expertise would be extremely beneficial.”
“Energy is an urgent need for everyone, but it is estimated that more than 3.5 billion people around the world lack access to affordable and reliable electricity,” said Ademidun Edosomwan, MD, Emerging Markets at Total Carbon Neutrality Ventures (TCNV).
“The technology developed by SHYFT will play a crucial role in a global movement to democratize the way people handle their energy sources. They’ve created data-driven software that allows homeowners and businesses in emerging markets to make better energy choices, lowering costs and lowering emissions. We are excited to continue to support SHYFT’s momentum as Ugwem and the team work to extend their reach and help the world develop a better energy future.”
SHYFT intends to use this new round of funding to double its team in West Africa over the next year, with an emphasis on improving AI capabilities for device optimization using its data and algorithms. In addition, the company will seek to form corporate alliances and grow into other African markets that face similar energy challenges.
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