London-based startup Tem is leveraging AI to transform electricity markets. The company has developed an energy transaction engine that aims to drive down costs compared to traditional energy traders. By offering energy from its utility division, Tem promises up to 30% savings on energy bills for its 2,600 business clients in the U.K.
Tem recently closed a successful $75 million Series B funding round led by Lightspeed Venture Partners, with key investors including AlbionVC, Allianz, Atomico, Hitachi Ventures, and others. This funding, valuing Tem at over $300 million, will fuel the company’s expansion into the U.S. and Australia, starting with Texas.
Tem’s Co-founder and CEO, Joe McDonald, emphasized the company’s focus on sustainable growth and long-term goals, expressing the intent to eventually go public. Tem operates as a marketplace, connecting electricity generators with consumers, initially prioritizing renewable energy sources and small businesses to optimize its AI algorithms.
Tem’s diverse client base includes Boohoo Group, Fever-Tree, and Newcastle United FC, showcasing the company’s reach across industries. Tem’s innovative approach to electricity trading through AI presents a significant opportunity to enhance the efficiency of energy markets globally.
Source: TechCrunch