epilot, a platform powering the green energy transition through digital transformation, announced it had raised €10 million from Expedition Growth Capital. The new funding round will be used to accelerate its product roadmap and empower leading energy and utility companies to adopt renewable energy through seamless technology. And Expedition partner Will Sheldon join epilot’s advisory board.
Launched in 2017 in Cologne by CEO Michel Nicolai, CTO Szilard Toth, and CFO Rolf Benken, epilot was built to provide the software to enable the green energy transition. Utilities and grid operators are being held back from supporting the switch to renewable energy because of outdated, legacy IT systems.
But old-school software means utilities cannot keep up with the complexities required for different product categories to serve customers holistically. And grid operators are also struggling to manage the increased workloads due to surges in grid connections. This hinders the renewable energy transition at a time when temperatures across Europe have reached record levels and the effects of climate change, including widespread flooding, are felt more than ever.
epilot provides an all-in-one solution, streamlining processes and reducing complexity for enterprise customers. And with epilot, utilities can standardize and automate sales processes for new renewable energy products and increase efficiency when handling customer inquiries and installation companies. Grid operators can use the software to reduce bottlenecks in workflows and connect more customers to renewable energy systems at home.
By utilizing epilot, customers can reduce their dependence on siloed and inflexible tools like Microsoft Excel and outdated CRM systems. And projects that would usually last between 18-24 months can be completed in only a few weeks. And epilot’s growth, serving over 150 customers including badenova, DEW21, enercity, and Mainzer Netze, is a testament to its value. The company achieved annualized recurring revenue (ARR) growth above 120% year-on-year in its most recent financial year.
The new funding round will enable epilot to significantly expand its about 100-strong team, including expanding the product engineering team, to develop new products and solutions for the platform and extend its AI capabilities.
KEY QUOTES:
“Our mission at epilot is to accelerate the energy transition. Whilst we didn’t need to raise this funding as we have been growing sustainably, today’s announcement is a major milestone on our journey and will enable us to execute even faster on our platform roadmap and expansion plans. We are excited to welcome Expedition as our growth investor based on their thesis in our industry and deep experience in supporting vertically focused SaaS companies in achieving scalability.”
– Michel Nicolai, CEO & Co-Founder of epilot
“We are thrilled to partner with epilot’s passionate team of experts and visionaries. The energy industry is now embracing digital transformation along with the green transition and epilot’s strong and efficient growth is a testament to the value that sophisticated customer organizations are seeing.”
– Will Sheldon, Partner at Expedition Growth Capital
