UK's tem. Secures £10.5 Million in Series A Funding
UK-based startup tem. has successfully secured £10.5 million in Series A funding, bringing its total funding to £13 million. The innovative AI-driven platform facilitates direct purchasing of renewable energy from generators at prices lower than traditional fossil fuels. tem.'s proprietary algorithm enables real-time matching of businesses with renewable energy sources, processing an impressive 1.8 billion matches per second. By bypassing the inefficient wholesale market, tem. promises businesses savings of up to 25% on energy bills while ensuring 100% traceable renewable energy.
Small and medium-sized businesses, vital in the fight against climate change, have experienced a substantial 124% spike in energy bills during recent crises, making tem.'s solution especially pertinent. The platform connects businesses with a network of over 22,000 renewable generators, encompassing large wind farms to family-owned solar parks. Previously, only mega-corporations had the opportunity to engage directly with these generators, leaving 99% of UK businesses dependent on the opaque and volatile wholesale market.
The funding round was led by Atomico, featuring participation from existing investors AlbionVC and Revent, as well as notable angels such as Holly and Sam Branson. Notably, Atomico Partner Terese Hougaard will join tem.'s board, highlighting the potential for global impact through $1 trillion in direct renewable energy transactions.
Key Takeaways
- tem. raises £10.5 million in Series A funding, totaling £13 million.
- AI-driven platform matches businesses with renewable energy generators in real-time.
- Businesses can save up to 25% on energy bills with 100% traceable renewable energy.
- Platform connects businesses with 22,000+ renewable generators across the UK.
- Investment led by Atomico, with participation from existing investors and notable angels.
Analysis
The Series A funding secured by tem. is indicative of a shift towards democratizing access to renewable energy, benefiting small and medium-sized businesses grappling with exorbitant energy costs. The disruptive AI-driven platform offers substantial cost savings and environmental advantages by revolutionizing the traditional wholesale market. The endorsement from investors like Atomico and prominent angels reflects robust market confidence. In the short term, SMBs will experience immediate financial relief, while in the long term, this could accelerate the UK's transition to renewable energy, influencing global markets. The success of tem. could compel traditional energy providers to innovate, driving comprehensive industry transformation.
Did You Know?
- Series A Funding: This marks the initial significant round of venture capital financing for a startup, indicating a strong vote of confidence from investors in tem.'s potential for significant growth.
- AI-driven Platform: Utilizing artificial intelligence algorithms, tem.'s platform matches businesses with renewable energy sources in real-time, bypassing traditional, less efficient markets.
- Renewable Energy Generators: These encompass naturally replenished energy sources such as wind farms and solar parks, connecting businesses with over 22,000 renewable generators, vital for reducing reliance on fossil fuels and combatting climate change.