Nationwide Grid Companions, the funding arm of power utility Nationwide Grid, has invested in 4 startups and two enterprise capital funds targeted on power and know-how.
NGP has invested in Audio Analytic, Carbon Lighthouse, Copperleaf and GoCardless, and has develop into a restricted accomplice in IQ Capital Fund III LP (an IQ Capital fund) and JVP VIII, L.P. (a Jerusalem Enterprise Companions fund).
With these investments, NGP expands its portfolio to 12 firms with $90 million invested so far and three strategic fund investments on the intersection of power and data know-how — furthering its imaginative and prescient to outline a better and extra renewable power future.
Right this moment, NGP opened a brand new workplace in San Francisco, which can facilitate collaboration amongst industry leaders and NGP’s early stage portfolio firms. That workplace will permit the corporate to assist younger firms higher.
“We’re all about every thing in a startup life cycle, from the concept to a late-stage or growth-stage firm,” stated Lisa Lambert, Nationwide Grid’s chief know-how and innovation officer, and president of Nationwide Grid Companions, in an interview with VentureBeat. “We cowl the total worth chain, all phases and phases. We spend money on domains which can be related to our companies. So we’re driving an agenda of de-carbonization, decentralization, and digitization.”
Picture Credit score: Nationwide Grid
Lambert, a former government at Intel Capital, introduced in November that she had fashioned a $250 million fund, Nationwide Grid Companions, to spend money on startups on the intersection of know-how and power. At the moment, Nationwide Grid Companions introduced it had invested $19 million in 5 startups.
“We’ve closed quite a bit within the final six months and that’s our goal,” Lambert stated. “Now we have a terrific staff with a terrific community, and nice entry to nice offers. And we now have keen companions in our enterprise items. They’re hungry for nice know-how that can assist prospects.”
Lambert stated the Los Gatos, California-based Nationwide Grid Companions staff has expanded from 25 to 40 folks, which incorporates workers working an incubator and an innovation heart of excellence. The latter is an organization that helps startups get going with their relationship with Nationwide Grid.
Picture Credit score: Intel
Among the latest additions to NGP’s rising portfolio are:
Audio Analytic, an clever sound recognition firm utilizing superior, edge-based AI to supply shopper know-how with a large sense of listening to.
Carbon Lighthouse, an environmentally targeted enterprise that makes it worthwhile for industrial and industrial buildings to scale back their emissions and enhance effectivity.
Copperleaf, the subsequent era asset administration planning and determination analytics system designed for utilities and different asset-intensive firms. Lambert stated it’s good for making a “what-if” evaluation on changing gear, which may help a utility make higher choices about changing gear.
GoCardless, a bank-independent, cloud-based funds service supplier. It helps utilities and different companies work with prospects for updating buyer information for direct debit and recurring funds.
NGP’s latest restricted partnership relationships with strategic funds are with IQ Capital, a enterprise capital fund investing in early stage, deep know-how enterprise startups spun out of the Cambridge College ecosystem; and Jerusalem Enterprise Companions, a enterprise capital agency in Israel that gives NGP broad entry to the Israeli know-how sector.
“We’re increasing our relationship with Nationwide Grid on either side of the Atlantic,” stated Judi Hess, Copperleaf CEO, in a press release. “Our industry-leading determination analytics answer retains Nationwide Grid forward of the curve by delivering optimum asset funding methods and enterprise efficiency.”
NGP will proceed collaborating with firms on the intersection of power and data know-how. NGP beforehand introduced its backing of Aporeto, AutoGrid, ClimaCell, Dragos, Leap, Omnidian, Pixeom, and Sitetracker. NGP can be a restricted accomplice within the strategic utility know-how fund Vitality Impression Fund LP, an Vitality Impression Companions fund.