Advanced energy storage systems provider Stem has raised a $15m Series B round to fund its planned expansion into new sectors and geographies.
The company’s Series A investor Angeleno Group participated in the round alongside new backers Iberdrola and GE Ventures.
Stem’s storage systems alternate between battery power and grid power to optimize energy costs for businesses. Its customers include manufacturing, retail, services, and hospitality companies.
Stem noted that the global grid storage market is expected to grow nearly nine-fold to $10.4bn in 2017.
GE Ventures-Energy senior executive director Colleen Calhoun said, “Stem is a company to keep an eye on as their combination of sophisticated predictive analytics and machine learning applied to energy storage will provide cost savings for industrial customers and businesses.
“We look to invest in and partner with companies creating cutting edge technologies that can improve energy productivity and efficiency and Stem has been a leader in helping transform the economics of energy consumption without disrupting the way people use electricity.”
Other businesses backed by GE Ventures include heart-focused medical device maker Acutus Medical. In August this year the company raised a $28m Series B led by GE alongside OrbiMed Advisors.
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