Tem has raised $75 million in a Series B funding round led by Lightspeed Venture Partners, with participation from AlbionVC, Atomico, Hitachi Ventures, Schroders Capital, Voyager Ventures, Allianz, and other investors. This investment values the company at over $300 million.
The London-based energy software company plans to use the funds to expand its operations into the United States and Australia. Tem has developed an AI-native energy platform that automates the pricing, matching, and execution of electricity transactions. This platform utilizes machine learning to forecast supply and demand, and match buyers with suppliers, aiming to replace the manual processes and legacy infrastructure that have long characterized the energy market.
The successful funding round is expected to have a significant impact on Tem‘s growth and its ability to disrupt the traditional energy market. With its AI-first approach, the company is poised to continue innovating and improving the efficiency of energy transactions. As Tem expands into new markets, it will be interesting to see how its platform is received and how it contributes to the evolution of the energy industry.
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