Tallinn-based AI solutions startup, Gridraven expands to the US with the registration of Gridraven Inc. to scale operation and serve a growing international clientele.
As part of this expansion, Gridraven’s CEO, Georg Rute, is preparing to relocate to Austin, Texas, to spearhead the company’s US operations in one of the world’s most dynamic energy markets.
”The US and especially Texas are seeing significant load growth from electrification and data centres. More grid capacity is needed on day-ahead energy markets to power this growth. Our software solution boosts grid capacity with zero additional hardware, helping utilities service this load growth. We’re setting up in Austin, Texas, to be close to our customers,” comments Georg Rute.
To fuel its international expansion, Gridraven has raised €4 million in funding from leading European venture capital firms, including 42CAP (Germany) and Icebreaker.vc (Finland). The funding will be directed toward scaling operations, growing the team, and accelerating the rollout of innovative solutions designed to address the evolving challenges of the global energy sector.
Alex Meyer, 42CAP: “We are very impressed with Gridraven’s team and technology. Their core innovation of applying AI and machine learning to increase the resolution of weather forecasts is the missing link for unlocking more capacity from the existing grids. We see enormous potential for the solution across the world and believe the team is right for bringing it to market.”
Aleksi Partanen, Icebreaker.vc adds: “Having supported the founding team from the idea stage since late 2023, we have witnessed their ability to build world-class technology. We will continue to support Gridraven throughout their progress.”
