Press release: Withthegrid secures €1 million investment
Asset monitoring platform Withthegrid secures eur 1 million investment to make energy infrastructure more efficient and reliable.
Boundary Holding, ROM Utrecht Region, and a select group of industry veterans jointly invest EUR 1 million in Withthegrid, a Dutch energy analytics solution company. Withthegrid has developed an asset monitoring cloud platform that helps improve the management and efficiency of energy infrastructure, making them more sustainable and cost-effective. The investment will allow Withthegrid to commercialize its services further and continue the development of its innovative software.
Strong investment consortium
The EUR 1 million investment is provided by Dutch regional development agency ROM Utrecht Region and European deep tech investor Boundary Holding. Together with industry veterans, the investors will support Withthegrid with expertise and access to their international networks throughout Europe and Southeast Asia.
This strategically strong consortium invests in a young company with an innovative product and a seasoned management team. Founded in early 2017, Withthegrid boasts a strong team of entrepreneurs with national and international experience in energy and tech. Combined with the expected impact and significant market potential of the Withthegrid asset monitoring solution for energy infrastructure, it is an attractive investment opportunity.
Efficient energy infrastructure
Energy infrastructure companies face tremendous challenges: Shortage of technical personnel, aging infrastructure, and decarbonization targets. Getting the increasing amount of work done is becoming a more significant challenge by the day.
Withthegrid’s solution helps energy infrastructure owners and operators increase the efficiency of their operations. Withthegrid uses IoT technology in combination with AI-powered algorithms to deliver actionable insights. It’s easy to use cloud platform means both field mechanics and asset management have access to the latest asset infrastructure insights. By monitoring and predicting faults, overall efficiency improves, downtime is reduced, and asset lifetime is extended. Withthegrid has been expanding its customer base and is now active in four European countries.
The next phase
Withthegrid will use the funding to commercialize its services further and expand its efforts, particularly in software development and anomaly detection algorithms.
Paul Mignot of Withthegrid: “An essential requirement for the energy transition is having an efficiently managed energy grid. Our team sees huge potential for streamlining operational processes and obtaining actionable insights to improve the energy grid. Our projects with energy infrastructure operators in the Netherlands and Europe confirm this potential. We are extremely proud that we now enter the next phase with Boundary Holding, ROM Utrecht Region, and industry veterans on board. These parties add relevant insights and provide access to relevant expertise and energy infrastructure operators. This consortium is the perfect foundation for our next chapter!”
About ROM Utrecht
ROM Utrecht Region is a social investor that increases access to capital for innovative companies in the Utrecht region. The ROM invests in the major transition sectors that are important for tomorrow’s economy: digital, health, and sustainability. The ROM invests in Withthegrid from its Participation fund. The Participation Fund is financed by the Province of Utrecht, the Ministry of Economic Affairs and Climate (EZK) and the European Regional Development Fund (ERDF), as well as the municipalities of Amersfoort, Hilversum and Utrecht, Utrecht University and UMC Utrecht.’The Withthegrid-software helps digitalizing CP-processes and brings structure to the data.’
About Boundary Holding
Founded by Rajat Khare, Boundary Holding is a European investment firm which invests technologies enabling 4th industrial revolution. It has invested in Artificial Intelligence companies that integrate revolutionary technologies around IoT, Drones, Robotics , Big Data, health , environment and safety. Boundary Holding identifies unique technology companies which have just started commercialization and have a disruptive business and can grow quickly. It narrows down on firms that have converted unconventional ideas into a reality, and have the potential to grab upcoming market opportunities. Our focus is to invest in pre series A, series A and pre series B stages and enable companies via actual business understanding and connections to grow their revenues by expansion in different markets. We are not a pure financial fund but since we invest our own prop money, we work closely with founders being entrepreneurs ourselves to help expand business , onboard right team and investors( only if needed) and fighting competitors.
Website: Boundary Holding
Since 2016, it is Withthegrid’s mission to support the energy transition with monitoring and anomaly detection solutions for infrastructure. In addition, Withthegrid provides a secure asset monitoring application to visualize data from IoT sensors for subsequent analysis and failure detection. Furthermore, Withthegrid digitalises asset management and maintenance work processes, recommending who should do what and by when. Also, by combining industry know-how and technology, Withthegrid is able
to deliver support and quick results to asset owners and their service
Paul Mignot | Co-Founder & CEO
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