Amsterdam-based Dexter Energy, a provider of AI-based power generation forecasting and trade optimization solutions, announced that it has raised €10.5M in a Series B round of funding.
This round was led by ETF Partners and Astelia with participation from existing investors Newion, PDENH, and Rockstart.
Dexter Energy says it plans to use the capital to fast-track its product roadmap and assemble its services into a complete, self-serve cockpit.
This will enable its customers to balance their renewables portfolio, optimize their trading strategies, and minimize balancing costs.
To further support the expansion to new European markets, Dexter Energy aims to double the size of the team to 80 people by the end of this year.
Founded in 2017, Dexter Energy leverages advanced machine learning algorithms and big data analytics to help energy companies manage their short-term trading activities for a 100 percent renewable energy portfolio.
The company’s algorithms analyze large amounts of data, including historical energy consumption patterns, weather forecasts, and market prices.
By doing so, they can accurately predict short-term energy demand and supply, which helps energy companies optimize their energy portfolios and reduce their balancing costs.
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