Edgegrid Raises Seed Round From Lightrock India
The Hyderabad-based startup is building a digitally connected energy network that delivers on-demand clean energy
EdgeGrid, a technology platform, has announced the closure of its Seed round of financing. The $6 million round was led by Lightrock India, along with participation from Theia Ventures and other angel investors.
EdgeGrid is building a fully-integrated technology platform to enable the energy transition for last-mile customers, namely household, small businesses, commercial building owners and electric vehicle charging networks. Its platform enables last-mile customers to consume energy efficiently and generate energy locally. Further, it works closely with energy distribution companies and distribute energy generators to reduce their costs and expand renewable energy penetration for the entire ecosystem, said a statement.
"Having been in the energy space, it has become apparent that a shift in the way we produce and consume energy is essential. We believe that a consumer-centric-model instead of a centralized-model is the only viable solution to make this energy transition more sustainable and profitable. To have a material impact, you need to be willing to go where the emissions and losses are and hence focus on the last mile. We are excited to have Lightrock as our partner," Sunil Talla, founder and CEO, EdgeGrid.
"We are extremely excited to partner with EdgeGrid as they build the integrated energy distribution platform of the future.the founder has built a world-class team which is capable of solving the highly complex and large energy distribution challenge through a technology and consumer-first approach with innovative system design and strong execution. EdgeGrid's impact will be pivotal to expand renewable energy penetration in India," said Ashish Garg, principal at Lightrock India.
The Hyderabad-based startup is building a digitally connected energy network that delivers on-demand clean energy at a fraction. It is a marketplace platform re-shaping the last-mile delivery of energy which rewards consumers for supporting climate-friendly power and responsible energy usage, added the statement.