Sunday, September 25, 2022
HomeInsight Clean-tech startup EdgeGrid raises $6 mn from Lightrock

[Funding alert] Clean-tech startup EdgeGrid raises $6 mn from Lightrock

Clean-tech startup EdgeGrid
Clean-tech startup EdgeGrid

EdgeGrid, a B2B enterprise clean-tech platform has raised $6 million in a funding round from Lightrock India, with participation from Theia Ventures and other angel investors.

The startup plans to use the funds to improve its technology, strengthen its team, and expand the company.

The Hyderabad-based startup was founded in 2020 by Sunil Talla, Prasad Yerneni, Mushtaq Ahmed, Neeraj Sansanwal, and Vamsi TP, It is building a technology platform to enable the energy transition for last-mile customers such as households, small businesses, commercial building owners and electric vehicle charging networks.

EdgeGrid’s platform enables these last-mile customers to consume energy efficiently and generate energy locally. It works closely with energy distribution companies and distributes energy generators to reduce their cost and expand renewable energy for the entire ecosystem.

“Having been in the energy space, it has become apparent that a shift in the way we produce and consume energy is essential. We believe that a consumer-centric model instead of a centralised model is the only viable solution to make this energy transition more sustainable and profitable. To have a material impact, you need to be willing to go where the emissions and losses are and hence focus on the last mile,” said Sunil Talla, founder and CEO of EdgeGrid.

India’s energy sector is at a crossroads as it ambitiously targets net-zero emissions without compromising the long-term sustainability of its grid, according to the company.

Ashish Garg, Principal at Lightrock India said, “We are extremely excited to partner with EdgeGrid as they build the integrated energy distribution platform of the future. Sunil has built a world-class team which is capable of solving the highly complex and large energy distribution challenge through a technology and consumer-first approach with innovative system design and strong execution. EdgeGrid’s impact will be pivotal to expand renewable energy penetration in India”.

To achieve this transformation, India will have to re-imagine the way electricity is produced, distributed, and consumed both at the grid and at the local level.

The company said furthermore the change should be financially viable for its existing utility companies that are currently facing more than $60 billion in accumulated losses – most of which come from servicing last-mile customers.

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