GERMANY – Frequenz, a Berlin, Germany-based startup that develops an AI-based solution to reduce corporate grid consumption and electricity costs, raised €13m in Series A funding.
Backers included SET Ventures, Payback founder Alexander Rittweger and existing investor 468 Capital.The company intends to use the funds to roll out its solution. Frequenz provides an autonomous mind platform that aims to revolutionize the way renewable energy production and procurement is managed and executed. As a central power exchanges member, the company automates the renewable production value chain to increase partners’ revenue and profitability through designing and developing sophisticated AI, IoT and battery storage technologies. Simultaneously, Frequenz help its demand side partners reduce electricity costs by automating the electricity procurement process. This includes the fully autonomous optimization and operation of all on-site electricity consuming and producing micro-grid components and devices upon real-time market pricing actions and AI predictions. These predictions use micro-level energy consumption data received through smart meters, IoT sensors, satellite data, weather forecasts, agent-based modeling and behavioral analysis to forecast future market developments in real-time. 06/10/2022
