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Limejump

Limejump, a London-based firm which is using big data and machine learning tools to disrupt the energy utility market, has received £3m in Series A funding.

The round was led by Statkraft Ventures and drew participation from existing backers Passion Capital and the Angel CoFund.

Limejump says it will use the cash to expand its customer base and continue to commercialise its Virtual Power Plant technology – which according to the company uses algorithms and automated processes to manage energy consumption levels.

“We are excited to have Statkraft Ventures on board; we had plenty of financing options, but its investment team has a sound understanding of the energy marketplace and is very visionary about the disruption that is needed to take the market forward,” said Erik Nygard, Limejump’s CEO.

“Limejump developed the necessary software stack in order to digitise the full value chain serving asset owners in power generation, demand and storage in a lean and efficient manner,” added Alexander Kueppers, investment manager at Statkraft Ventures GmbH.

The news comes after the company announced the closure of a £1.4m round in September 2015.

For all the latest UK tech funding announcement data, check out the Tech City News Investment Tracker.