A DeepTech startup claiming to offer the ‘hardware-software backbone for smart electricity grids’ has raised £13.5m and plans to launch its operations into the US.
IONATE, founded in 2019 and based in London, has built a full stack solution that consolidates multiple power system functions into a single, cost-effective device, which it says addresses the shortcomings of traditional offerings.
Electricity consumption is expected to double by 2050 while much of the grid infrastructure is nearing the end of its life. IONATE’s hardware Hybrid Intelligent Transformer (HIT) replaces old transformers with a smart equivalent that detects, analyses and resolves power disturbances in real time. Its Aurora software platform unlocks network efficiency, renewables hosting capacity and claims to achieve true smart grid capabilities with AI-enabled control.
The Series A round was led by AlbionVC and joined by a strong syndicate of new strategic investors including In-Q-Tel, JGC MIRAI Innovation Fund and institutional investors Santander InnoEnergy Climate Fund and Antares Ventures.
Existing shareholders IQ Capital, Zero Carbon Capital and Cycle Group also participated in the round.
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The company is collaborating with energy giant EDP, with Portugal and Spain networks being the first to benefit. It has also scaled its solution for data centres and continues to receive industry recognition including from the NATO’s Defence Innovation Accelerator for the North Atlantic (DIANA).
“The IONATE team builds extraordinary tech with extraordinary timing,” said Matthew Williams, IONATE founder & CEO. “Just as national networks, industrial players and data centres realised how much of their progress depended on modernising their electrical infrastructure, we are ready to help them do exactly that.
“Resiliency, flexibility, and efficiency are key for our energy systems, and IONATE is uniquely positioned to strengthen all three. We are so excited to have some of the strongest VCs and strategic partners in our corner to realise this impact and begin transforming power globally.”
David Grimm, partner at AlbionVC, added: “IONATE is pioneering grid technology that supports the energy and environmental requirements of modern grid infrastructure. Matthew and the team have quickly gained traction with utilities and strategics, showcasing the potential of their innovative full stack hardware-software solution.
“Their patented technology and first-mover advantage position IONATE to deliver a transformative, long-term product that brings the promise of clean electricity alongside performance requirements.”
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