As per IAEA, electricity consumption is set to double by 2050 and much of the grid infrastructure is nearing the end of its life. As a result, investment in grid modernisation is projected to reach $21 trillion by 2050, as per BloombergNEF. IONATE is well-positioned to capture this market by building the hardware-software backbone for smart grids.
US launch in the pipeline
Now, the London-based deeptech startup offering the hardware-software backbone for smart electricity grids, has raised $17 million in Series A funding. The round was led by AlbionVC (which recently backed Ophelos and Speechmatics) alongside a strong syndicate of new strategic investors, including “In-Q-Tel (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 participated in the round.
The investment will fuel IONATE’s growth across key markets, launch its US operations and supercharge its technology to usher in a new era of smart grids.
Who is behind the company?
IONATE was founded in 2019 by Luca Mezossy-Dona, Matthew Williams, Roberto Ricci in London. The leadership team is well-equipped to continue driving the company forward and combines deep technical expertise with strategic leadership. Matthew Williams, the founder and CEO, has a strong background in electrical and control engineering and has been leading companies in the space for the last decade.
Turns old grid into smart decentralised energy platform
The company has built a full stack solution that consolidates multiple power system functions into a single, cost-effective device, addressing the shortcomings of traditional offerings.
Its hardware Hybrid Intelligent Transformer (HIT) replaces old transformers with a smart equivalent, integrating high-fidelity data and precise control of voltages, harmonics and reactive power all-in-one. This makes the HIT a Swiss Army knife for stabilising power flows across grids, power generation, industrial assets and data centers, while also lighting up real-time control nodes. Coordinated by IONATE’s AI-enabled software Aurora, the company turns the passive, old grid into the smart decentralised energy platform that is needed now.
Key partnerships
The company is collaborating with energy giant EDP, with Portugal and Spain networks being the first to benefit. It has also scaled its solution for data centers and continues to receive industry recognition, including from the NATO’s Defence Innovation Accelerator for the North Atlantic (DIANA).
Matthew Williams IONATE’s Founder & CEO said: “The IONATE team builds extraordinary tech with extraordinary timing. Just as national networks, industrial players and data centers realised how much of their progress depended on modernising 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. We are so excited to have some of the strongest VCs and strategic partners in our corner to realise this impact and begin transforming power globally.”
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.”
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