Energy Trading Platform Startup
The startup was established in 2017 in Singapore to address the need for transparency and security for the electricity market.
The startup is looking to raise a total of USD 10 million for its Series A fundraising round from 2 to 4 investors. The proceeds will be used for the following purposes:
- Deployment of second Proof-of-Concept (PoC)
- Further product development focusing on Big Data analytics and Machine Learning capabilities
In an era of decentralization, legacy energy markets are still currently designed for centralized generation. In addition, renewable energy adoption is still low as it is difficult to track the flow of energy accurately from source to destination.
The startup aims to solve these gaps using technology and innovation, It has developed a peer-to-peer (P2P) energy trading platform that allows electricity producers and consumers to transact with each other. The startup charges a percentage based on the total volume of electricity transacted on the platform.
The startup has successfully conducted its first PoC in Singapore. With the results, it is planning on conducting a few more pilots in other countries within Southeast Asia.