Gorillaa Belgian company that provides the energy sector with real-time data and analytics for pricing and forecasting has raised 23 million euros ($25 million) in a Series B round led by US enterprise capital firm Headline.
Founded in 2018, Antwerp-based Gorilla works with energy suppliers in Europe, the United States and Australia, including Centrica, parent company of British Gas, Shell Energy and Atlanta, Georgia. Gas south. Using Gorilla’s cloud-based platform, these corporations can process massive amounts of energy data and gain insight into things like consumption patterns, allowing them to forecast future energy demand and discover areas where improvements could also be needed.
Gorilla previously raised roughly €6 million ($6.5 million), and with this fresh money, the company plans to further expand into other European markets, including Germany, where seeing increased energy pricesand proceed to grow in the US. Indeed, the recent fundraising comes as energy prices soar markets like Texas — electricity prices in Houston itself increased by 16% last yr, when hot weather increased demand for air conditioners.
Add to this continually changing geopolitical aspects, reminiscent of the Russian-Ukrainian conflict regulationsincreasingly distributed energy sources based on fossil and renewable fuels and the increasing use of connected technologies, we now have fertile ground for data-centric energy start-ups to flourish.
“No one knows what the energy sector will look like in 10 years,” Gorilla co-founder and CEO Ruben Van den Bossche said in a statement. “But the key to getting there is innovation. “The investment in Gorilla will help energy retailers around the world increase the flexibility of their retail offering while moving or being pushed towards net zero.”
Major sponsor Headline has previously invested in established corporations reminiscent of Sonos, in addition to emerging artificial intelligence startups reminiscent of Mistral, which just accomplished a $640 million funding round.
Other participants in the round included existing investors in the startup Beringea and Belgian private equity firm PMV.