Smart energy startup in Manchester secures £5.5m funding

A startup in Manchester has secured seven-figure funding to grow its team and accelerate the commercialisation of its cloud-based smart-grid platform.

Manchester-based Upside Energy attracted £5.5m in its first major round of venture capital financing.

The round was led by Legal & General Capital, the investment arm of financial services group Legal & General, alongside investment and advisory company SYSTEMIQ.

Other investors included Modern Energy, Bulldog Innovation Group and a number of individuals.

Upside Energy said its platform works by aggregating the energy stored in everyday connected devices, like batteries and hot water tanks, creating a virtual energy store to be drawn on as needed.

The firm is also supported by Innovate UK which, in addition to offering access to business connections and mentoring, has also provided a £470k grant to help Upside Energy pilot its core service and communication protocol.

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