Energy tech company Open Energy Market has raised £3m from Calculus Capital to continue developing its online trading platform.
The business sets out to facilitate the complicated and old fashioned procurement process and to help medium to large businesses with the management of their energy contracts.
The Open Energy Market seeks to automate energy trading while helping customers capture and store the data that makes reporting, forecasting and portfolio management easier.
Open Energy Market was launched in 2013 by Chris Maclean, an energy industry expert; and Charles Lass, a technology entrepreneur.
Chris Maclean, also the chief executive, said: “The market was crying out for innovation that could help large businesses better manage the confusing, convoluted and inefficient processes associated with energy procurement. In an age where technology has helped streamline most business operations, it still amazes us how antiquated and manual our industry is.
“Our platform uses technical automation to cut through the complex market processes, alleviating many of the pain points that energy buyers face and ensuring their route to market is as efficient and as informative as possible.
Snapchat users fight re-design, Instagram blocks posts in Russia and more in The Week in Tech
“This is an exciting time for OEM as this partnership with Calculus will enable us to push our platform out to a wider audience and implement further innovative tools that will continue to re-shape the industry.”
The business claims to work with all major providers and says it will use the newly secured funds to hire and implement significant platform developments, including extensions into other commodities and expansion into the US.
Alexandra Lindsay, investment director of Calculus Capital, added: “What the team at Open Energy Market have done is to streamline the broker process, because all the major suppliers are there on a single platform bidding for a company’s business.
“The service is designed to give companies greater transparency of their annual utility costs before they sign a contract.
London ‘still a major draw for international tech workers’ despite Brexit
“Our investment will help them strengthen their sales and software teams, expand their platform to cover additional utility services and make a move into the US market.
“We believe this is an exciting phase in the development of a company with strong growth potential.”
Check out our UK tech investment tracker for the latest industry deals.