suena, a Hamburg, Germany-based startup specializing in AI-driven optimization and power trading services for flexible energy assets like large-scale battery storage, has successfully closed a €3 million seed funding round.
SaaS Investors
The round was co-led by the Santander InnoEnergy Climate Fund and Smart Energy Innovationsfonds of Energie 360, with additional participation from existing shareholders EIT InnoEnergy, Raakwark Kaptaal, and Business Angels.
Santander InnoEnergy Climate Fund is a venture capital fund created by Santander AM and EIT InnoEnergy to accelerate the energy transition. It invests in early-stage companies in sectors like the circular economy, energy storage and efficiency, and transportation. Santander AM manages the fund’s portfolio and it mainly invests in companies within the EIT InnoEnergy community.
Smart Energy Innovationsfonds is a venture capital fund located in Zurich, Switzerland, and invests in Northern Europe and Western Europe. The fund targets investments in the energy equipment and cleantech sectors.
suena Use of Funds
The company will use the capital to introduce its innovative AI-based "Autopilot" software solution to markets across Europe, expand its functionality, and hire international top talent.
The Autopilot is designed to handle the complexity of efficient and strategic power trading on multiple markets, processing millions of data points every minute and reacting in real time to fluctuations in the power grid.
About suena
Founded in 2021, suena developed an AI-based operation and trading software designed to empower energy storage to maximize and stabilize profits on short-term electricity and balancing markets. The company leverages commercial asset optimization, algorithmic trading, and machine learning.
Funding Details
Company: suena GmbH
Raised: €3.0M
Round: Seed Round
Funding Month: December 2023
Lead Investors: Santander InnoEnergy Climate Fund and Smart Energy Innovationsfonds
Additional Investors: EIT InnoEnergy, Raakwark Kaptaal
Company Website: https://www.suena.energy/
Software Category: AI-based Operation and Trading Software
Source: https://www.eu-startups.com/2023/12/hamburg-based-suena-raises-e3-million-to-become-the-go-to-trading-as-a-service-platform-for-energy-storage/