Portuguese LV analytics company closes €10.5m in growth funding

Portugal’s Eneida, which develops low voltage analytics solutions, has completed a €10.5 million ($11.4 million) Series B financing round to further develop its technology for power grid operators.

With the capital infusion, the company aims to strengthen its leadership in the low voltage network operational analytics space and expand into new markets. According to the company in a release, the new funding also propels their vision of ZEN (Zero Emission Neighbourhoods) into reality.

Eneida’s tech aims to provide clear situational awareness, detecting and locating events and anomalies on the power system, enabling the optimisation and control of the low voltage grid without costly infrastructure upgrades.

According to the company, this approach facilitates the rapid adoption of distributed assets such as solar panels, EV chargers, behind the meter batteries and heat pumps, fostering economic efficiency and higher-quality energy solutions.

Eneida’s Operational Analytics platform, eneida DeepGrid, integrates smart sensors networks with data analytics and embraces an open, modular and interoperable architecture, supportive of 3rd party sensors and 3rd party applications.

Like building blocks, states the company, clients can deploy the entire solution or individual modules, tailoring it to their operational teams’ needs for optimal LV Network management.

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With the successful finding round, the company attracted two new prominent investors: Junction Growth Investors, who led the round, and Santander Alternative Investments.

Additionally, Korys, a long-standing Eneida investor, increased its stake, alongside participation from current investor HCapital, and the company’s founders.

Commenting in a release was Carlos Pina Teixeira, CEO at Eneida: “We are delighted to welcome Junction and Santander as our new shareholders, securing the Series B financing round. This operation also reflects the confidence and support of our investors, led by Korys, in our strategic direction.

“This capital infusion will fuel our efforts to provide exceptional value to our customers, drive innovation, and expand our market reach to make ZEN a reality for everyone.”

Added Brieuc de Hults, investment director at Kory: “As a committed investor in energy transition, Korys recognizes the pivotal role that smart grid technologies play in enabling a sustainable future. Eneida’s innovative solutions align perfectly with our mission to accelerate the transition toward cleaner, more efficient energy systems.

“Having accompanied Eneida for a few years already, we are excited to renew our support to fuel further Eneida’s growth and contribute to the realization of Zero Emission Neighbourhoods (ZEN).”

Said Santiago Gil, head of VC ClimateTech of Santander Alternative Investments: “We are glad to support Eneida in its growth path.

“Making the electric grid fit for new clean technologies, like solar panels electric vehicles or batteries, is critical to avoid congestion and electrical faults.

“DSOs are demanding visibility to control their networks. With its combined solution, Eneida provides the analytical intelligence they need to enhance the optimization of their networks. With our support, we confirm our ambition to accompany companies that make a significant contribution to energy transition.”