Exeri closes a €5 m funding round, led by Industrifonden
Together with Brightly Ventures, Treac, and PartnerInvest Norr, we are proud to announce that we have successfully led a €5 m investment round in Exeri AB – the Luleå based company with its award winning innovative product concept Smart Grid Surveillance™ that has been developed and thoroughly verified in close cooperation with major Swedish power grid operators.
Exeri AB is investing aggressively in making its Smart Grid SurveillanceTM (SGS) system an obvious part of the solution for managing the growing energyneeds in the transformation to a fossil-free society. The system, which through digitalization monitors the power grid and gives grid owners a constantly updated status of their grid, makes it possible to locate problems in real time and also provides increased safety along the lines. With IoT technology, AI-based algorithms and a map-based situation picture, Exeri has created a product that is unparalleled in the industry today. It provides the opportunity for increased usage of the power grids and significantly reduces the time for power outages. In the ongoing development towards an increasingly electricity-dependent society with higher demands on security of supply, this is a critical component. SGS is currently used by several Swedish power companies such as Skellefteå Kraft, E.On, Öresundskraft and others.
“We are very pleased with the investments that our new investors want to make, to help us meet the challenges facing the modern power grid,” says Magnus Karlsson, CEO of Exeri. “It is becoming increasingly clear that the ongoing social transformation towards green energy will place completely new and tougher demands on the power grid, and we know that our system is a natural basis for being able to handle this efficiently.”
Per Anell, Industrifonden, adds: “We look forward to working with the team at Exeri and in this way work for the transition to a sustainable and secure power supply. During our evaluation process, Exeri has been able to demonstrate awell-functioning and proven solution that is radically better than the competitors”. We are therefore convinced of the potential of them becoming a growth company with a global footprint. ”
The investment will primarily be used to continue to strengthen Exeri’s position in the market, both nationally and internationally. “In addition, we have a continuing interesting development plan for our system,” adds Magnus Karlsson. “It provides great value to our customers today, but the development we are planning will make the system even more competent. The need for us that we see in the future are enormous, and we have an obvious place to fill.”