Denmark-based startup OKTO GRID has received €3 million amid a severe energy crisis. To aid the global energy sector as performance expectations rise due to increased electricity demand.
Elewit and Rockstart backed the funding round.
The startup hopes to expand itself in the European market for transformer and wind turbine condition monitoring with fresh funding.
To date, OKTO GRID has raised a total of €3.9M after receiving €900,000 in soft and pre-seed funding from Vaekstfonden, Innovation Fund Denmark, Rockstart Energy Fund, Mist Ventures AB, and Power Syndicate ApS.
To avoid wear and tear failures and increase the transformers’ lifespan by up to another 40 years, a Copenhagen-based firm has developed a solution to let the energy industry digitize assets easily without taking key assets out of service. Thanks to this technology, energy distributors and even energy producers may now measure condition changes, anomalies, and track asset performance in greater detail than ever before.
Golam Sadeghnia launched the business in 2019, and it provides a solution that monitors asset performance, gauges condition changes, identifies anomalies, and generates reports as needed. To get crucial operational data from assets that produce or distribute electricity without being intrusive, OKTO GRID started designing an IoT device. This enables versatile performance halls and studios to offer ideal acoustics for a variety of events and gatherings while also enabling event organizers to spot unauthorized access.
“Today’s competitors are mainly larger businesses that produce transformers and energy producers and have the tools to gather specific data. However, they are primarily constrained to selling just their goods. According to Golam Sadeghnia, CEO of OKTO GRID, smaller companies offer solutions that are restricted to specific transformer types and use technologies that come at a high cost and require downtime.
“The solution from OKTO GRID installs in less than 10 minutes without any tooling or downtime, and it is independent of transformer manufacturer and type. With this combination, we are, to the best of our knowledge, unique in the market, Golam Sadeghnia continues.
Image Credit: OKTO GRID