IONATE, a startup that makes smart electric transformers and software for electric grids, announced that it has raised $17 million in a Series A round, with proceeds to be used to fuel growth across key markets, launch its US operations, and advance its technology.
London-based IONATE, founded in 2019, provides a “hardware-software backbone for smart grids,” helping address the strain on grids driven by modern energy needs such as decarbonization and AI, with solutions enabling grids to handle more distributed energy sources such as solar, EVs and heat pumps, carry more power without upgrading poles and wires, and reduce wasted power. IONATE’s solutions include Hybrid Intelligent Transformer (HIT), which replaces transformers with a smart equivalent that integrates high-fidelity data and precise power flow control to detect, analyze and resolve power disturbances in real time, and its Aurora Platform, utilizing AI-enabled software to coordinate HITs across a network to unlock efficiency, capacity and smart grid capabilities.
Matthew Williams, IONATE’s Founder & CEO, said:
“Just as national networks, industrial players and data centers realized how much of their progress depended on modernizing their electrical infrastructure, we are ready to help them do exactly that. Resiliency, flexibility, and efficiency are key for our energy systems, and IONATE is uniquely positioned to strengthen all three.”
The round was led by AlbionVC, with a syndicate including strategic investors IQT, JGC MIRAI Innovation Fund, and institutional investors Santander InnoEnergy Climate Fund and Antares Ventures. Existing shareholders, IQ Capital, Zero Carbon Capital, and Cycle Group also joined the round.
David Grimm, Partner AlbionVC said:
“IONATE is pioneering grid technology that supports the energy and environmental requirements of modern grid infrastructure. Matthew and the team have quickly gained traction with utilities and strategics, showcasing the potential of their innovative full stack hardware-software solution. Their patented technology and first-mover advantage position IONATE to deliver a transformative, long-term product that brings the promise of clean electricity alongside performance requirements.”