envelio, a Köln, Germany-based smart grid startup, raised €1m in funding.
Backers included High-Tech Gründerfonds and Demeter.
The company intends to use the funds for further development of the IGP and to accelerate growth in Germany and the rest of Europe.
Led by Co-Founder and CEO Dr. Simon Koopmann, envelio leverages optimization and machine learning algorithms to provide an Intelligent Grid Platform (IGP) for grid operators to digitalize energy planning and operation processes.
Founded in April 2017 as a spin-off from RWTH Aachen University, the company serves such customers as Westnetz of the innogy group, E.DIS (subsidiary of E.ON) and several utilities in German cities.
envelio now has 15 employees.