Successful Financing Round Strengthens Depsys in Smart Grid Growth Market
Swiss technology company Depsys is to receive Sfr13.2 million as part of a Series B investment. The new investors are BNP Paribas and SET Ventures. This capital increase prepares Depsys for strong international growth. In 2018, Depsys doubled the number of customers and is now present in ten markets across two continents. Large-scale rollouts are under way, and recently, Depsys established its first international subsidiary in Germany.
With increasing green electricity production, the rising use of renewable energies and electromobility, and the digitalisation of power grids, Depsys’ unique GridEye solution is in heavy demand. The versatile control platform allows power grid operators to run distribution grids safely, reliably and optimally. This makes it possible to feed large quantities of renewable energies into their grids from decentralised sources. GridEye also allows for the easy management and control of micro grids and neighborhood solutions. Distribution network operators in DACH, Europe and worldwide use the platform to integrate intelligent grid management technologies. This is made possible by the innovative mix of hardware and software.
Depsys CEO Michael De Vivo said: “We are proud to have gained the support of our renowned new investors BNP Paribas and SET Ventures. Their networks and market expertise will be invaluable for us successfully penetrating new markets. Depsys is firmly convinced that supplying the world solely with electricity from renewable sources will be possible in the future. We have set out to accelerate the energy revolution and make it easier for grid operators. With GridEye, we have developed an innovative technology solution to drive this mission forward. It is a Swiss Army Knife with all the instruments for distribution system operators to make their energy turnaround a success, without fear of a complex, protracted and expensive transformation process.”
Focus on DACH, growth opportunities in Western Europe, Asia and North America
Depsys continues to focus on the markets in Germany and Switzerland. But the provider also aims to accelerate business in the European market and worldwide. Depsys will continue to expand in Asia, where three major customers have been acquired. Entry into the North American market is planned.
In 2016 and 2018, Depsys completed two successful financing rounds with Statkraft Ventures, VNT Management, ONE Creation, and Single Family Office Wecken & Cie. As a result, Depsys was able to professionalise its corporate structure, further develop its smart grid solution and strengthen its international market presence. In 2019, together with BNP Paribas (as lead investor) and SET Ventures, they will add a further Sfr13.2 million in funding. Funds with which Depsys is gearing up for future growth.
SET Ventures Investment Manager Julia Padberg said: “We are proud of this first investment from our new SET Fund III. Depsys’ market-leading end-to-end smart grid solution lies at the core of the energy system transition. It enables the rapid global adoption of electric vehicles and solar PV installations, whilst limiting the number of power outages and exuberant grid reinforcement costs.”
BNP Paribas Energy Transition Capital head Yann Lagalaye said: “Depsys’ innovative solution, mixing bespoke hardware and groundbreaking software, comes at a perfect time. Depsys has gathered a team of very high quality which has proven its ability to deliver an innovative though practical solution that answers actual concerns of the network operators. Its modular approach should allow GridEye to answer current and future needs of DSOs around the world.
“With a broad range of applications now being available, and a business model with a global focus, Depsys is ready to scale and BNP Paribas is very happy to be able to support this growth in the coming years.”