Estonian startup Gridraven raises €4M for expansion in the USA

The American subsidiary of the Estonian AI startup Gridraven has raised financing in the amount of €4M from leading European venture funds, including 42CAP and Icebreaker.

Gridraven is developing Dynamic Line Rating technology based on artificial intelligence to predict weather conditions in specific locations. This allows energy companies to transfer 30% more electricity annually through existing transmission lines. 

According to Georg Rute, CEO of Gridraven, their technology is particularly relevant in the United States right now, especially in Texas, where there is a significant increase in workload due to electrification and data centers. The company's software will help to increase the network capacity in the region without using additional equipment.

Gridraven has already successfully tested its technology together with the Estonian energy company Elering, accurately predicting the flow of electricity through a 110 kV transmission line in a wooded area. Enterprise Estonia has also allocated €1.5M to Gridraven as part of the Applied Research Program. 

Gridraven is a startup founded in 2023 in Tallinn, Estonia, by Georg Rute, Henri Manninen and Markus Lippus. 

42CAP is a venture capital company based in Munich, Germany. It invests from €0.5 to €1.5M at the seed stage in IT startups. It was founded in 2016 by two experienced investors, Alex Meyer and Thomas Wilke.

Icebreaker.vc is a venture capital company founded in Helsinki, Finland in 2016 by Riku Seppälä, Aleksi Partanen and Lasse Lehtinen. It invests in idea-stage startups from Estonia, Finland and Sweden.