SaaS-Based Intelligent Meter Data Management Platform Supports Utility Companies with the Energy Transition; Investment from EDP Ventures Will Be Used to Scale and Accelerate International Growth
Energyworx, a SaaS-based platform for Energy Data Management that helps utility companies navigate and monetize the energy transition, announced a €1 million Series A extension funding round, led by EDP Ventures, the venture capital arm of EDP. Energyworx will use the new funding to scale development and accelerate international growth within the US and European markets. A global leader in the utilities sector and part of the Dow Jones Sustainability Index, EDP is the fourth largest global player in renewable energy, ranks among Europe’s major electricity operators, and is one of the largest business groups in Portugal. The investment by EDP Ventures supports a strategic partnership between EDP and Energyworx to accelerate Industry 4.0 adoption within the utility sector.
“EDP is one of the most advanced, forward thinking utility companies in the world and a very important customer for Energyworx,” said Marcel E. Smit, CEO of Energyworx. “We are pleased that EDP Ventures recognizes the potential of Energyworx’s SaaS-based energy date management cloud service and its potential to transform traditional software solutions within the energy and utilities market. The addition of EDP Ventures to our board, combined with their knowledge and international industry contacts will be indispensable as we enter the next phase of expansion.”
Recognized for the past three years in the Gartner ‘Magic Quadrant’ for Meter Data Management (MDM). Energyworx has achieved significant growth in recent years, adding a number of global utilities to its list of customers and rolling out an enterprise-grade, intelligent MDM solutions platform for utilities.
Read More: How CMOs Succeed With AI-Powered CX
“The energy transition towards a sustainable energy world continues to rapidly evolve. As the global development and deployment of smart meters and the growth of IoT devices in the grid accelerates, there is an urgent need for utilities to trust the quality of their data and extract the maximum value from it,” said Luís Manuel, Executive Board Member at EDP Ventures. “Various business units within EDP Group already use the Energyworx platform as it provides unique flexibility to address challenges faced by utilities in the Energy Data Management sector. We are thrilled to join Energyworx and contribute to the development of Energyworx as a front runner in the Meter Data Management field.”
A majority of utility companies have complex, legacy IT systems that make innovation and digital transformation difficult to accomplish. “The Energyworx Intelligent MDM platform empowers utilities with the ability to quickly find and connect to, understand and trust their data, as data quality is one of the biggest issues in the utility industry. We look forward to enabling many more utility companies to successfully navigate and manage the energy transition that Industry 4.0 brings,” added Pieter Ennes, Chief Technology Officer of Energyworx.