Amsterdam, March 18th, 2020 — Dexter Energy, a fast-growing startup that uses AI to help energy companies optimize their portfolios, has received a €2 million Series A investment led by Newion, an early-stage investor in B2B software companies. Existing investors PDENH, Stephen Asplin, and Andreas Gelfort also joined the round.
The energy transition causes drastic change in electricity markets. Where previously a select number of fossil fuel plants provided electricity on-demand, green power now flows only when the sun is shining or the wind is blowing. To successfully compete in this new playing field, large-scale providers of renewable electricity must anticipate the ever-changing weather and market conditions.
Dexter Energy helps reduce the uncertainties inherent to the energy transition. With its AI-powered software platform, Dexter Energy predicts energy supplies and demands as well as market movements, so companies can optimize their renewable electricity production and consumption. The platform also helps customers get a grip on the increasing imbalance costs caused by the transition. Powered by Dexter Energy, emission-free electricity suppliers have a stronger position in the market and can phase out fossil fuel sources more rapidly.
Luuk Veeken, CEO and founder of Dexter Energy: “We are very happy with this funding, which will be used to further enhance our products. Newion has a strong track record in helping software companies to scale and we are looking forward to taking full advantage of this expertise. We aim to roll out our optimization software platform to all liberalized European energy markets in the coming years.”
Patrick Polak, Managing Partner Newion: “Dexter Energy accelerates the energy transition – not just in the Benelux, Germany, and the UK, but soon all over the world. We see many opportunities and are excited to support the Dexter team in their further growth to market leadership.”
Anthony Viellevoije, Investment Director at PDENH: “We are extremely proud of Dexter’s success and happy to reaffirm our confidence in the team with a contribution to this Series A round. Dexter Energy’s software platform precisely and automatically forecasts the load on the electrical grid, which will become increasingly key to the success of energy companies.”
About Dexter Energy
Dexter Energy helps energy companies in Europe to make their portfolio more sustainable and increase their profitability through AI-based forecasting and optimizations.
Dexter Energy works with innovative energy companies like Axpo, Greenchoice, NieuweStroom, and Pure Energie, and is headquartered in Amsterdam.
Please go to www.dexterenergy.ai for more information.
Newion is a leading Amsterdam-based venture capital firm, focused on early-stage investments in European B2B software companies with a global ambition. Newion has been among the best-performing fund managers in its sector since its start in 2000.
The company has invested in 70+ companies, among which: Collibra, Reasult, Nallian, Foleon, CustomerGauge, L1NDA, Swipeguide, Taxmodel, Deliverect, APICBASE, ValueBlue, Mediatool, Objective Platform and Filestage. Newion has exited companies like Oxxio, Mirror42, Q-go, 24iMedia and Roadmap. Newion III is supported by InnovFin Equity, with the financial backing of the European Union under Horizon 2020 Financial Instruments and the European Fund for Strategic Investments (EFSI), set up under the Investment Plan for Europe. The purpose of EFSI is to help support financing and implementing productive investments in the European Union and to ensure increased access to finance.
Please visit www.newion.com for more information.
The Durable Economy Participation Fund North Holland invests in both start-ups and established enterprises which have a sustainable business model or project and contribute to the economy of North Holland province. Specifically with regards to – though not limited to – energy transition, sustainable mobility and circular economy. The fund is based in and funded by North Holland province and is managed by KplusV and StartGreen Capital.
Please go to www.PDENH.nl for more information.
Management Team Dexter Energy, from left to right: Luuk Veeken (CEO), Fons de Leeuw (CTO), Hubert Penn (CCO), Tom Lemmens, (Head of Analytics). Photo: Mike Bink
Anthony Viellevoije, Investment Director PDENH & Patrick Polak, Managing Partner Newion
Dexter Energy, Hubert Penn, firstname.lastname@example.org, +31 6 40 59 32 08
PDENH, Anthony Viellevoije, email@example.com +31 6 22 82 87 39
Newion, Patrick Polak, firstname.lastname@example.org, +31 (0)20 80 06 742
Carolijn Peelen, email@example.com, +31 6 53 28 09 36