SMPnet raises $1.4m to enable software-defined power grids

British smart technology company SMPnet has announced a seed funding round of $1.4m from Marathon Venture Capital and angel investors, including Ian Marchant, long-time CEO of SSE. The funding will support the growing demand for its technology, expand its offering and accelerate business development across the US and Europe. 

“Our cutting-edge technology revolutionises how power grids are managed across all voltage levels. We are utilising AI-based techniques to enable a net zero future in which power grids are operated dynamically and muchcloser to real-time while resolving stability issues and effectively ensuring high resilience and security of supply for a better planet. With this funding round from Marathon Venture Capital, we’re excited to double down and continue to realise our vision”, says Anastasios Rousis, CEO and co-founder of SMPnet.   

SMPnet is based in the UK, with teams in London and Glasgow. With the new injection of capital, it plans to expand its presence in the US and Europe, accelerate product development, and amplify marketing and business development efforts towards establishing the company as a leader in real-time control and optimisation.  

"We are excited to support SMPnet on their mission to modernise the power grid through software and AI. By providing a fully integrated solution that connects to power grids and allows for adaptive optimisation and real-time control of energy assets, 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", says Panos Papadopoulos, Partner at Marathon Venture Capital.

Power grid challenges addressed by innovative technology  

Existing power grids face a number of foundational challenges which SMPnet technology seeks to address. Power grids were designed, built and run based on fundamentals of stable, predictable power supply which originates from a limited number of sizable sources, while power flows in a single direction. The introduction of renewables, energy storage, and other distributed energy resources, at a micro and distributed level, changes those assumptions from the ground up. Supply is no longer centralised, stable or predictable and power flows in various directions. The electrification of transport and heat and the accompanying substantial growth in demand adds further strain to power grids.

Revolutionising power grid management with real-time control  

SMPnet provides a fully integrated solution that connects to power grids and allows for adaptive optimisation and real-time control of energy assets. Adaptive optimisation means the system can continuously adjust to changing conditions for optimal performance. The technology enables grid operators and utilities to optimise network usage through control of assets within 1 electric cycle (i.e. less than 20 milliseconds); effectively unlocking truly real-time operation of power grids and ensuring increased security and cost-effectiveness of supply and resilience. 

Edge computers, which are computing devices placed close to the source of data, are becoming more prevalent in power grid substations. SMPnet utilises these devices to modernise power grids with real-time control and adaptive optimisation. This technology has been tested successfully in organisations such as Iberdrola, one of the world's largest electric utilities.Furthermore, it has piqued the interest of prominent industry players worldwide.

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