The funding is set to go towards bringing its power grid technology to markets in the US and Europe, as well as accelerating product development and boosting marketing and business development.

Alongside Marathon Venture Capital, the round also saw participation from former CEO of Scottish and Southern Energy – Ian Marchant. 

SMPnet has teams in London as well as Glasgow, and offers a solution to grid operators challenged with changes in flow and energy storage. The software allows grid operators to redistribute and adjust to changing conditions on the power grid within less than 20 milliseconds. 

“We are utilising AI-based techniques to enable a net zero future in which power grids are operated dynamically and much closer to real-time while resolving stability issues and effectively ensuring high resilience and security of supply for a better planet,” said Anastasios Rousis, CEO and co-founder of SMPnet.

The software is powered by AI and is used by providers offering energy services, utilities, and microgrid services. SMPnet has also used Edge computers, which are devices placed in power grid substations. Using Edge computers helps with real-time control and adaptive optimisation, and is used by some of the largest electric utilities companies in the world such as Iberdrola in Spain. 

“SMPnet is positioned to revolutionise the industry and meet the growing demand for secure, uninterrupted and cost-effective energy supply. The founders’ expertise in the energy sector gives us confidence in the company’s ability to succeed in the long-term,” said Panos Papadopoulos, Partner at Marathon Venture Capital.

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The investment comes on the backdrop of a UK-wide shift to net zero energy consumption. In an effort to shift from fossil fuels and use electric vehicles, energy usage will rise and, with it, the need to optimise the use of energy harnessed from renewable energy sources.

According to a report from IEA, investment into smart grids systems such as SMPnet needs to at least double through 2030 if the UK is to meet net zero emissions by 2050.