epilot receives 10 million euros from Expedition Growth Capital

The cloud platform epilot receives generous funding to accelerate its mission of digitally supporting the energy transition. Expedition Growth Capital invests 10 million euros in the Cologne-based company

Cologne, July 10, 2024 - The startup epilot has received €10 million in funding from Expedition Growth Capital. The money will be used to accelerate the product roadmap and expand the platform's functions, including new AI features. Will Sheldon, Partner at Expedition Growth Capital, will join epilot's Advisory Board.

Our mission at epilot is to accelerate the energy transition. Although we did not need this funding due to sustainable growth, today's announcement is an important milestone.

Michel Nicolai, CEO and founder of epilot

epilot

epilot was founded in 2017 by Michel Nicolai (CEO), Szilard Toth (CTO) and Rolf Benken (CFO). The company offers a cloud platform that supports energy suppliers and grid operators in the energy transition. With over 150 customers, including badenova, DEW21, enercity and Mainzer Netze, epilot has firmly established itself in the industry.

The platform

The epilot platform helps to modernize outdated and inflexible IT systems. Energy suppliers can use it to standardize and automate their sales processes for renewable energies. Grid operators benefit from the software by managing the increasing number of grid connections more efficiently.

With epilot, companies can reduce their dependence on isolated tools such as Microsoft Excel and outdated CRM systems. Projects that normally take between 18 and 24 months can now be implemented in just a few weeks. The platform thus helps to accelerate the energy transition.

Strong growth

In the past financial year, epilot achieved growth in Annual Recurring Revenue (ARR) of over 120% compared to the previous year. The financing will enable the company to significantly expand its team of around 100 employees. In particular, the product development team will be expanded to develop new products and solutions.

The energy industry is merging the digital transformation with the green transformation - and epilot's strong and efficient growth is a testament to the value customers receive from the platform.

Will Sheldon, Expedition Growth Capital

epilot will continue to work to increase process efficiency for utilities and grid operators and drive the energy transition. Expedition Growth Capital's investment is an important step in this journey.