Frequency raises 13 million euros

The start-up wants to use AI to reduce companies' electricity costs. Now new investors are getting on board.

The Berlin-based start-up Frequenz has completed a Series A financing round worth 13 million euros. Amsterdam-based investors SET Ventures and 468 Capital are investing. Payback founder Alexander Rittweger also participated in the round. The founding team itself has also invested millions in its own company.

Founded in 2019, the start-up aims to reduce its customers' grid consumption and electricity costs. This is to be achieved through AI-based forecasts of supply prices and individual electricity consumption. In recent months, Frequenz has tested its concept with supermarket chains such as Edeka and Netto as well as SMEs. According to the company, the targeted savings in energy costs have even been exceeded.

"We did it once, we can do it again," says Thomas Nicolai, co-founder and Managing Director of Frequenz. He and his co-founders Lars Kirchhoff and Thomas Brandhoff have already successfully founded Sociomantic in the past.

According to Till Stenzel, Venture Partner at SET Ventures, the team brings "a fresh and pragmatic approach by transferring its know-how and experience in analyzing and processing large volumes of data to the energy world". Stenzel will be a member of Frequenz's advisory board in the future.