Nationwide Grid Companions, the funding arm of vitality utility Nationwide Grid, has invested in 4 startups and two enterprise capital funds targeted on vitality and know-how.
NGP has invested in Audio Analytic, Carbon Lighthouse, Copperleaf and GoCardless, and has turn into a restricted companion in IQ Capital Fund III LP (an IQ Capital fund) and JVP VIII, L.P. (a Jerusalem Enterprise Companions fund).
With these investments, NGP expands its portfolio to 12 corporations with $90 million invested to this point and three strategic fund investments on the intersection of vitality and data know-how — furthering its imaginative and prescient to outline a better and extra renewable vitality future.
Right this moment, NGP opened a brand new workplace in San Francisco, which is able to facilitate collaboration amongst industry leaders and NGP’s early stage portfolio corporations. That workplace will enable the corporate to assist younger corporations higher.
“We’re all about all the pieces in a startup life cycle, from the concept to a late-stage or growth-stage firm,” mentioned Lisa Lambert, Nationwide Grid’s chief know-how and innovation officer, and president of Nationwide Grid Companions, in an interview with VentureBeat. “We cowl the total worth chain, all phases and levels. We spend money on domains which can be related to our companies. So we’re driving an agenda of de-carbonization, decentralization, and digitization.”
Picture Credit score: Nationwide Grid
Lambert, a former govt at Intel Capital, introduced in November that she had shaped a $250 million fund, Nationwide Grid Companions, to spend money on startups on the intersection of know-how and vitality. At the moment, Nationwide Grid Companions introduced it had invested $19 million in 5 startups.
“We’ve closed loads within the final six months and that’s our goal,” Lambert mentioned. “We’ve an ideal group with an ideal community, and nice entry to nice offers. And now we have keen companions in our enterprise items. They’re hungry for excellent know-how that may assist clients.”
Lambert mentioned the Los Gatos, California-based Nationwide Grid Companions group has expanded from 25 to 40 individuals, which incorporates staff working an incubator and an innovation heart of excellence. The latter is an organization that helps startups get going with their relationship with Nationwide Grid.
Picture Credit score: Intel
A few of the latest additions to NGP’s rising portfolio are:
Audio Analytic, an clever sound recognition firm utilizing superior, edge-based AI to supply shopper know-how with a large sense of listening to.
Carbon Lighthouse, an environmentally targeted enterprise that makes it worthwhile for business and industrial buildings to scale back their emissions and enhance effectivity.
Copperleaf, the following era asset administration planning and determination analytics system designed for utilities and different asset-intensive corporations. Lambert mentioned it’s good for making a “what-if” evaluation on changing tools, which may also help a utility make higher selections about changing tools.
GoCardless, a bank-independent, cloud-based funds service supplier. It helps utilities and different companies work with clients for updating buyer information for direct debit and recurring funds.
NGP’s latest restricted partnership relationships with strategic funds are with IQ Capital, a enterprise capital fund investing in early stage, deep know-how enterprise startups spun out of the Cambridge College ecosystem; and Jerusalem Enterprise Companions, a enterprise capital agency in Israel that gives NGP broad entry to the Israeli know-how sector.
“We’re increasing our relationship with Nationwide Grid on either side of the Atlantic,” mentioned Judi Hess, Copperleaf CEO, in a press release. “Our industry-leading determination analytics resolution retains Nationwide Grid forward of the curve by delivering optimum asset funding methods and enterprise efficiency.”
NGP will proceed collaborating with corporations on the intersection of vitality and data know-how. NGP beforehand introduced its backing of Aporeto, AutoGrid, ClimaCell, Dragos, Leap, Omnidian, Pixeom, and Sitetracker. NGP can also be a restricted companion within the strategic utility know-how fund Vitality Impression Fund LP, an Vitality Impression Companions fund.