Nigerian energy tech startup, Beacon Power Services (BPS) has closed a $2.7 million seed round.
The company, which provides energy management software and analytics for utilities and mini-grid operators, said the new funding would enable it to improve its current products (product upgrades to add new features and incorporate automation) and expand into new markets beyond Nigeria and Ghana, where it currently operates.
The company’s seed round was led by Seedstars Africa Ventures with participation from Persistent Energy, Kepple Africa Ventures, Factor[e] and Oridun Capital Management.
What they are saying
Speaking on the investment, Maxime Bouan, managing partner at Seedstars Africa Ventures, said: “As a society, we have recognized climate change as one of the biggest threats to our generation, and it is critical we use smart capital to support entrepreneurs across Africa who are creating innovative and localized solutions to tackle this challenge.”
Speaking on how the company’s solutions will help Africa, founder and chief executive officer of BPS, Bimbola Adisa, said: “Africa is home to the fastest growing cities in the world, but when most people think of energy access in Africa, they think of the rural areas with little or no access to electricity at all. However, it is impossible for Africa to develop without significantly improving electricity access and reliability across its major cities.
“When we realized that solutions designed for mature markets fail to address the unique infrastructure challenges Africa faces, we developed a tailored solution for power companies on the continent to improve daily grid supply of electricity.”
Adisa launched BPS in 2014 to address the inadequate electricity supply from power distribution companies. The U.S.- and Nigeria-based utility company provides energy management software and analytics for utilities. Its AI-enabled grid management platform, Adora, solves one of two fundamental problems power distribution companies face in Africa.
The software offers real-time visibility on network performance for electric utilities and connects to every utility asset and customer node on the grid, allowing energy providers to preempt outages and identify network losses, respond to them quickly and distribute electricity more efficiently.
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