London-based energy software company Tem has raised $75 million in a Series B funding round, led by Lightspeed Venture Partners, with participation from other investors including AlbionVC, Atomico, Hitachi Ventures, Schroders Capital, Voyager Ventures, and Allianz. This investment values Tem at over $300 million.
The funding will be used to support Tem‘s expansion into the United States and Australia. Tem is developing an AI-first platform designed to automate energy markets, specifically the pricing, matching, and execution of electricity transactions. The company’s core system utilizes machine learning to forecast supply and demand, and match buyers with suppliers, aiming to replace manual processes and legacy infrastructure that have long dominated the market.
The successful funding round is expected to have a significant impact on Tem‘s growth and its ability to disrupt the energy market with its innovative AI-native platform. With its expansion into new markets, Tem is poised to further establish itself as a leader in the energy software sector, and its AI-first approach is likely to influence the future of energy trading and management.
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