Finnish startup Safegrid raises €5.7M for its Smart Grid monitoring solutions
Helsinki-based startup Safegrid has raised €5.7 million in a growth round of funding. Ajanta Innovations led the round, which also saw participation from Tesi, Grid.VC, and several angel investors, to accelerate Safegrid’s international expansion.
- Founded in 2019, Safegrid is the creator of the Intelligent Grid System. The solution helps utilities and grip operators locate, predict, and prevent grid faults and improve grid performance with instant-on wireless sensors and cloud-based monitoring and analytics.
“This urgent investment drive and subsequent need for innovative technologies for monitoring, controlling, and maintaining the grid creates a tremendous opportunity for Safegrid. The investment by Ajanta Innovation and others enables us to scale our operations, expand internationally, and start taking advantage of these opportunities,”Olli-Pekka Kallasvuo, the Chairman of Safegrid, comments.
- Ajanta Innovations, one of Finland’s leading family-owned investment companies, is the lead investor this round. Grid.VC, Tesi, and several unnamed leading angel investors, also participated in the funding.
“We received our first order from the United States just a month after we introduced our product there for the first time. This shows the huge interest of US utilities in Safegrid’s service. Thanks to the funding received, we can meet the demand in America without jeopardizing our growth in Europe,”Jussi Hakunti, CEO of Safegrid, comments.
- With fresh funding, Safegrid will be able to accelerate its international expansion. The company is set on entering the US and EU markets.