AI-based electricity trading platform Tem has raised $75 million in a Series B funding round, TechCrunch reported on Monday.
Lightspeed Venture Partners, AlbionVC, Atomico and Hitachi Ventures participated in the round.
Tem runs a marketplace that connects electricity producers and consumers. It focuses on cutting brokerage costs and lowering electricity bills through its AI-based trading engine, Rosso. Tem CEO Joe McDonald said multiple intermediaries in the energy market drive up costs. He said the company will use AI to reduce human costs and enable customers to pay rates closer to wholesale prices. He added that in the long term it is important that its infrastructure is used, rather than who the customers and power plants are, stressing a platform strategy like AWS and Stripe.
Chi-gyu Hwang
delight@d-today.co.kr