With the new financing, GreenSync will also expand to Southeast Asia
Australian energy tech startup GreenSync’s innovative integration software is beginning to change the way Australia and Southeast Asia use and distribute energy. Thanks to its recent $8.7 million (in USD) in Series B funding, which it announced earlier this week, the company can continue to develop its technology at home while continuing plans to extend its global reach.
The Australian government’s Clean Energy Finance Corporation (CEFC), Southern Cross Venture Partners — comprising the Australian Renewable Energy Agency (ARENA) and SoftBank China Venture Capital — and a private fund, are the benefactors of GreenSync’s largest influx of capital so far. Up until now, it has been a primarily bootstrapped company.
Founded by Dr. Phil Blythe in 2010, GreenSync has grown from what Blythe tells Geektime was once a “one-man-in-a-broom-cupboard operation” to an international player in only 7 years.
“We’ve grown the number of staff employed threefold over the last two years, across two markets: Southeast Asia and Australia,” he says. “Our revenues, whilst not disclosed, have doubled year on year and this trend is forecast to continue.”
The company’s growth is also reflected in its broadened focus. GreenSync originally only offered peak demand management services, but its platform now addresses everything from utilities to microgrids, and the company passionately advocates for decentralized energy economies.
Blythe explains, “Our proprietary software helps harness and optimize the potential of renewable energy sources by managing electricity loads, ultimately harmonizing the use of renewable, stored and, where needed, traditional energy resources. . . . [We work] with all energy providers, commercial, industrial, and even residential precincts to harness the power of their renewable energy resources (battery, solar etc.) with our management software.”
With plans to roll out pilot programs in the US and Europe this year, as well as continue to build in Southeast Asia and transform Australia’s energy business models, GreenSync’s trajectory seems only to be headed upward.
But it’s not the only player of its kind in the global energy game. Fellow startups Geli and Autogrid, to say nothing of more experienced competitors like Greensmith or better financed ones like the Tesla-acquired Solar City, are eager to be a part of the impending energy storage boom and the software needs that will come with it.
So how will GreenSync compete?
According to Blythe, “The electricity industry is now ready for its technology renaissance. The disruption is happening all around us with solar and storage costs dropping continuously, and the industry will need to break free from its traditional designs to fully embrace what the new wave of technology can bring.”
GreenSync intends to lead the charge — at least in Australia.