Powering Silicon Valley
UK power operator National Grid has launched a new venture capital arm based in Silicon Valley. The new National Grid Ventures has also announced its initial investments.
The outfit aims to incubate and develop companies while also importing innovation into the National Grid group. The unit plans to make 10 to 15 investments a year, from seed capital through to late-stage funding.
The company’s first five investments total $19m and the portfolio comprises:
AutoGrid, a provider of software to support power grids with renewable resources.
ClimaCell, a weather data company to back up smart grids
Leap, a distributed energy trading services firm
Omnidian, a provider of monitoring, maintenance and performance guarantees for power projects
Sitetracker, a software company helping companies manage infrastructure.
“From artificial intelligence, to smart assets, to enterprise SaaS, and distributed energy marketplaces, NGP’s launch companies reflect the group’s investment focus,” the company says.
“Whether it’s investing in new technologies or getting smarter about how we work every day, we need to think more than one step ahead,” explains Lisa Lambert, svp, NGP. “That’s the role of NGP. We are the eyes and ears of the business, searching for the new ideas and breakthrough innovations that will keep us at the forefront of the energy industry.”