Climate software investor Energize Capital has led a Series A funding round in energy storage optimisation platform company Tyba.
Announced yesterday (6 February), Tyba has raised US$13.9 million through the Series A round, bringing the optimiser’s total funding raised to date to US$18.15 million.
Startup Tyba claims to be already supporting the operations of more than 1GWh of assets in the US’s two leading energy storage markets by state, Texas and California. The company has an AI-driven energy forecasting, trading and optimisation solution and works with customers that include TotalEnergies.
For the Series A, Tyba attracted three new investors, with four follow-on investors participating.
“For the companies building and operating battery storage facilities, figuring out how to maximise the value of their assets and maintain a competitive edge remains a constant challenge,” Tyba CEO and co-founder Michael Baker said, describing the company’s platform as “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,” Baker said.
While the US energy storage market has grown significantly in size over the past few years, most optimisation of assets is thought to be done in-house by BESS owners and their project partners.
Third-party optimisation by so-called ‘route-to-market’ providers such as Tyba is much more commonly seen in overseas markets such as the UK, Australia and increasingly, mainland European countries including Germany.
