A renewable energy platform which has partnered with iconic British Grand Prix venue Silverstone has tapped VC firm Atomico and the CTO of fintech Wise in a £10.5m funding round.
London-based Tem, which operates an AI transactions platform for renewable energy, said it will use the funding to accelerate its growth, connecting businesses directly with the burgeoning network of over 22,000 small, medium, and large renewable generators across the country.
The round was led by European venture capital business Atomico, with participation from existing investors AlbionVC and Revent, and joined by notable angels Holly and Sam Branson and Wise CTO Harsh Sinha and CPO Nilan Peiris. It brings the company’s total funding to £13m.
Co-founder and CEO Joe McDonald said: “Small and medium-sized businesses are critical in tackling climate change, and are desperate for energy they can trust after seeing their bills soar during the recent energy crisis.
“We built Tem so that any UK business can get affordable energy while powering the clean energy transition from their doorstep.”
Founded in 2021, Tem has developed a proprietary algorithm to disrupt the energy market by directly matching businesses with renewable energy generators in real-time. The firm’s AI engine forecasts fluctuations within energy supply and demand, processing 1.8 billion matches every second, bypassing the inefficient wholesale market while providing 100% traceable, renewable energy.
The company counts British racing track Silverstone among its biggest customers, which said it was “now paying less for fully traceable renewable energy, while putting more money back into the pockets of generators, hugely helping our business reduce its carbon footprint.”