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Sunday, July 14, 2024

Norwegian startup attracts €2.34M in oversubscribed funding round to optimize power market strategies with AI

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Trondheim-based AI startup Versiro has raised €2.34 million in an oversubscribed private placement, valuing the company at €10.5 million. The funding round was led by Alliance VC, with participation from Sondo Capital, former E.ON CEO Johannes Teyssen, Hans Geelmuyden, Superside founder Fredrik Thomassen, and Enode founders Henrik Langeland and Nikolai Heum. Versiro plans to use the funds to expand its innovative solutions across Europe, enhancing the efficiency and profitability of power producers while supporting the integration of renewable energy into the market.

Founded in 2022 by Simon Risanger and Markus Löschenbrand, Versiro leverages artificial intelligence to provide real-time decision support for power producers, optimizing market decisions and handling the unpredictability of renewable energy sources.  By processing vast amounts of data, Versiro’s solutions deliver real-time, risk-adjusted strategies tailored to each producer’s unique production and risk profile. Originating from the PhD research of its founders at the Norwegian University of Science and Technology (NTNU), the company aligns financial and sustainability goals, addressing inefficiencies and enhancing decision-making in the power sector.

“Through this round, we have both secured financing for Versiro and established a resource base of competent and committed shareholders. We thank the investors for their trust, and look forward to working with them,” says Simon Risanger, co-founder and CEO of Versiro.

The round is led by Alliance VC with participation from among others Sondo Capital, Johannes Teyssen (former CEO of E.ON), Hans Geelmuyden, Superside founder Fredrik Thomassen and Enode founders Henrik Langeland and Nikolai Heum. After the issue, Versiro’s largest owners are Simon Risanger, Markus Löschenbrand, Alliance VC, Startuplab, Fortress Fund, NTNU Technology Transfer, Johannes Teyssen, Jørgen Kildahl, and Sondo Capital.

“I have worked for and with large power producers for over three decades and am not surprised by the response from investors. Versiro’s solutions demonstrate that they can both reduce risk and increase the income of power producers by as much as ten percent,” says Jørgen Kildahl, chairman of Versiro. “For 11 years, Kildahl was responsible for the development and operation of Statkraft’s commercial operations in Europe. He served five years in the group management of E.ON where he for several years i.a. was responsible for the commercial operations as Head of Global Units.”

“We are deeply impressed by the Versiro founders’ domain-expertise and the solution they have built to secure a well-functioning electricity market. We are excited about the opportunity to invest in the company and contribute to its success,” says Arne Tonning, partner at Alliance VC.

Click to read more funding news.

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Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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