A climate tech startup aiming to reduce pressures on the national grid and cut commercial electricity bills has secured $3m (£2.5m) in seed funding ahead of its launch in the UK this month.
Elyos Energy has created a software platform that connects to smart energy devices in commercial buildings to automate schedules and use more power outside of peak demand periods.
Elyos Energy says this can provide cost savings and alleviate pressures in the national grid. According to the International Energy Agency, commercial buildings consume 30% of electricity globally.
Silicon Valley investor Rebel Fund, Swiss fund Zeno Partners and prestigious accelerator Y Combinator provided the seed funding.
Elyos recently completed Y Combinator’s summer 23 cohort.
Its founding team has experience at OVO Energy, Bulb, BCG and Goldman Sachs.
“The grid desperately needs help to ensure security of supply during this energy transition and even more urgently as we head into winter,” said Adrian Johnston, CEO of Elyos.
“Elyos Energy provides essential support to the grid while giving customers great potential savings.”
It comes as Elyos gears up to launch UK customer pilots this month, with the startup recently advertising for its first London-based hire in a full-stack engineer role.
Despite its early stages, Elyos Energy is already targeting expansion to Europe and the US next year.