Tyba, a leading energy storage optimization platform, announced $13.9 million in Series A funding led by Energize Capital. This funding round includes new investments from Pear VC, Mobilize Climate Capital, and Borusan Ventures and follow-on investments from Powerhouse, Wireframe, Virta, and Lorimer. This brings Tyba’s total funding to $18.15 million.
This funding will help Tyba scale its AI-enabled energy forecasting, trading and optimization solution – which helps energy producers maximize revenue, support grid reliability, and strategically expand their portfolios as they transition to clean energy.
The U.S. power grid is transforming, which is driven by a shift to clean energy and rising electricity demand. And battery storage is essential for maximizing the efficiency and profitability of renewable energy investments, ensuring power is available whenever it is needed and at prices that make these investments worthwhile. Over the last three years, storage capacity has grown 6 times to an estimated 30GW, indicating the rapid increase in energy storage needs.
Despite this growth, managing storage assets is inherently complex given rapidly evolving power markets and the range of services batteries can provide. And operators need advanced forecasting and optimization tools like Tyba to ensure they can continue to support grid needs while remaining profitable.
Tyba works with many leading energy companies like TotalEnergies and supports the operations of over 1GWh of storage assets in Texas and California. Over the last year, Tyba tripled its customer base, launched its Asset Operations product, and is delivering revenue outcomes in the top 5% of assets. And since Tyba’s founding, its Project Simulation product has been used to model over 100GW of projects under development and secure over $1 billion in funding.
Tyba’s platform is where automation meets control. The Asset Operations product formulates optimal bidding strategies and automates dispatch, while enabling operators to make quick, strategic adjustments with the click of a button. This ensures profitability with less oversight, freeing teams to focus on developing the next wave of energy storage systems – which can be designed using Tyba’s Project Simulation product.
This funding will help Tyba expand its forecasting and optimization capabilities into new markets and across asset classes. And to continue broadening its offerings, the company is hiring across its engineering, modeling, and commercial functions.
KEY QUOTES:
“Batteries are essential to develop more clean energy and power our modern economy. For the companies building and operating battery storage facilities, figuring out how to maximize the value of their assets and maintain a competitive edge remains a constant challenge. Tyba is the autopilot system for batteries. Our platform forecasts opportunities, executes automated dispatch and bidding strategies, and provides the visibility and control needed for traders and asset managers to manage their facilities profitably and at scale. We make the nitty gritty of battery operations easy so our customers can focus on meeting our country’s energy needs.”
– Michael Baker, CEO & Co-founder of Tyba
“TotalEnergies is rapidly growing our generation portfolio, and Tyba’s platform has been key to maximizing our asset’s performance. Their solution empowers our team to focus on high-leverage, strategic decisions while their platform handles the execution of day-to-day operations, making them a valued and reliable partner.”
– Michael Heitmann, Head of US Short Term Power for TotalEnergies
“Large-scale energy storage is proving to be essential to the energy transition, especially as we respond to surging global energy demand and an increasingly complex power grid. However, operational challenges continue to be one of the most significant barriers to scale for battery assets, in part due to the active, hands-on management these assets require. Tyba’s solution tackles this challenge head-on, leveraging AI to enhance the profitability of battery storage by facilitating development decision-making and optimizing dispatch strategies. We are excited to partner with the Tyba team and support the company in this next phase of growth.”
– Tyler Lancaster, partner at Energize Capital and a member of Tyba’s board of directors
