Energiot, a Spanish IoT startup, dedicated to intelligent grid management through IoT devices, recently secured a substantial funding round led by COREangels Climate, in collaboration with Spanish firm Axon.
This milestone represents a monumental leap for Energiot, which emerged as a spin-off from the Barcelona Institute of Microelectronics. The strategic investment, marked as a seed financing round, not only witnesses the entrance of Axon and COREangels Climate into Energiot's growth journey but also highlights the continuous support from EIT InnoEnergy, an organization that has been a backbone for the company since its inception.
The infusion of capital into Energiot aligns with the imminent surge in electrical demand anticipated in the coming years. Reports from the International Energy Agency (IEA) forecast an unprecedented expansion of nearly 80 million kilometers of new power lines worldwide by 2040. This escalating demand necessitates a tripling of current network connections, underpinning the critical role of innovative solutions like those championed by Energiot.
The investors' enthusiasm is rooted in addressing the challenges posed by the exponential rise in renewable energy production, electrification, and the subsequent strain on existing networks. Energiot's focus on modernizing and digitizing power grids, real-time monitoring, predictive maintenance, and implementing dynamic management systems aligns perfectly with these industry needs.
Energiot intends to utilize this funding to optimize grid operator functionalities by deploying IoT devices that enhance the maintenance and operations of electrical network assets. The company has already made significant strides, collaborating with major European grid operators such as Iberdrola, EDP, and Enercal, solidifying its presence in the energy sector.
Gonzalo Murillo, President, and Founder of Energiot, articulated, "This investment round will facilitate pivotal pilot projects with additional network operators, scale-up manufacturing and commercialization of our products, and incrementally expand our team's expertise."
Energiot's remarkable achievement in securing funding, with COREangels Climate and Axon Partners Group as pivotal contributors, signifies a transformative leap not only for the company but also for the sustainable technology landscape. As they venture into a new phase of growth and innovation, Energiot embodies the commitment shared by its investors toward a sustainable and technologically advanced future.
The impact of this investment extends far beyond financial realms, marking a collaborative effort towards building smarter, more resilient energy networks and reinforcing the ethos of environmental stewardship embraced by COREangels Climate and its partners.

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About COREangels Climate:

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COREangels Climate is as a pioneering climate tech angel group in southern Europe's VC and Angel Investing landscape. Comprised of a group of angel investors deeply committed to combatting climate change, this group focuses on identifying and funding early-stage startups that champion sustainability across various sectors. Beyond financial support, COREangels Climate offers invaluable expertise, fostering a supportive ecosystem for visionary entrepreneurs. Their mission extends to co-creating initiatives like IT'S CLIMATE, fostering collaboration among talented founders and investors to drive transformative solutions addressing the planet's most pressing environmental challenges. By leveraging their resources, connections, and expertise, COREangels Climate plays a pivotal role in catalyzing a greener, more sustainable future.

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Source: El Economista