Cambridge start-up Origami Energy closes £13.7m Series A
Energy tech business will use Octopus Ventures funding to invest in new industrial and commercial sites as it looks to reduce strain on the electricity grid
Origami Energy, a start-up developing a distributed energy technology platform, has completed a £13.7m Series A round led by Cambridge Innovation Capital, Octopus Ventures, and private investors.
Founded in 2013, Cambridge headquartered Origami develops technology which is able to monitor, control and manages a large distributed network of energy generating, using and storing assets connected to the electricity grid.
The company provides a marketplace where electricity supply and demand is more evenly matched, reducing strain on the grid and cutting carbon emissions by allowing more renewable energy to be connected to it.
Following a £4m seed round in 2014, this latest funding will enable Origami to advance from pilot field trials to industrial and commercial sites, and will help the start-up develop an energy storage asset development capability.
Peter Bance, Origami Energy’s CEO, commented: “The additional funding we’ve just raised will help fuel our next phase of growth as we transition from our current customer field trials to scalable deployment of our solution on a commercial basis.”
Victor Christou, CEO of Cambridge Innovation Capital, added:
“At a time when demands on the energy grid are intensifying we believe Origami’s ‘shaping’ approach to energy management is the next step towards the creation of a viable solution in an energy-constrained world. We are pleased to support the company in the next phase of its journey.”