Houston-based technology company Amperon, a frontrunner in AI-powered electricity forecasts, has successfully raised $20 million in a Series B funding round led by Energize Capital. This round also saw participation from notable investors including the D. E. Shaw group, Veriten, and existing investor HSBC Asset Management. Long-standing Amperon customers, Ørsted, and another strategic utility partner, also joined the funding round. With this injection of capital, Amperon’s total funding now stands at an impressive $30 million.
Amperon has emerged as a pivotal player in the energy landscape, particularly in light of the escalating impact of extreme weather events on power grids. From ERCOT’s grid failure in February 2021 to CAISO’s rolling blackouts in the summer of 2022, the challenges of predicting and planning for power demand have never been more complex. Climate change, coupled with the increasing penetration of variable energy resources such as wind and solar, alongside surging demand growth due to flexible loads and rapid electrification, necessitates sophisticated forecasting tools. Amperon’s advanced data analytics software has become indispensable in mitigating the systemic risk associated with these turbulent power grids globally.
“Amperon is uniquely positioned to help market participants better navigate the transitioning grid — both in the U.S. and as we expand globally,” emphasized Sean Kelly, CEO, and co-founder of Amperon. “We’ve already established ourselves as the premier provider of electricity demand forecasting software. With this funding, we are poised to leverage our cutting-edge AI models to enable customers to unlock more value from data and asset optimization, spanning from on-site solar to commercial load management with backup generation and microgrid deployment.”
Energize Capital Partner Tyler Lancaster, now a member of Amperon’s board of directors, emphasized the pivotal role Amperon plays in facilitating the energy transition. “Amperon’s AI-powered analytics platform provides the accuracy and sophistication necessary for energy players across the value chain to manage their energy use and streamline our collective pathway to net-zero,” said Lancaster. “Energize is thrilled to officially partner with them as a lead investor in this funding.”
Amperon’s remarkable growth in recent years is evident. Since 2021, the company has seen a fivefold increase in revenue, establishing a strong product-market fit with existing customers and aiding new market participants in navigating the complex energy space. The company’s workforce has quadrupled over the same period, and Amperon plans to continue hiring engineers, data scientists, customer support, and sales roles as they expand into new markets. This expansion aims to provide customers with invaluable insights and predictive capabilities, enabling them to anticipate market shifts, optimize energy utilization, and reduce their carbon footprint.
Crucially, Amperon’s expertise in granular data management is poised to play a pivotal role in enabling companies to measure the carbon footprint of their hourly electricity usage, optimize load and lower-carbon power resources, and integrate carbon into industry business models. This approach accelerates decarbonization efforts both on the supply and demand sides of the energy equation.
Founded in 2018, Amperon remains committed to innovation and sustainability. With a focus on AI-powered electricity analytics, the company is at the forefront of driving the energy transition, empowering businesses to make informed decisions and work toward a more sustainable grid.
