Gorilla raises 23 million euros

Gorilla secures 23 million euros in Series B financing round. The Belgian technology company helps utilities worldwide to manage the energy transition through AI-powered operational efficiency and real-time data

Antwerp, 12.06.2024 - Gorilla, a technology company that enables energy utilities to collect and process large amounts of critical data, announces the closing of its €23 million Series B funding round.

In recent years, the energy sector has faced an exponential increase in data processing needs. This is due to the proliferation of smart meters, market regulations and increasingly complex energy value chains, as well as the inherent volatility of renewable energy sources that are weather-dependent and extend far beyond the walls of traditional power plants.

Outdated IT solutions and a patchy understanding of data have contributed to painful energy price hikes that have nothing to do with fuel costs. This has led many utilities to misprice their products and services, further eroding their margins.

Maximizing efficiency and operational reliability

Gorilla's solutions are designed to help utilities maximize efficiency and better understand energy portfolios, which are increasingly influenced by distributed energy resources such as solar panels, wind turbines and battery storage, as well as ensure operational stability and provide tailored pricing strategies based on individual usage patterns.

Gorilla's cloud-based data processing platform can handle enormous amounts of energy data. It enables energy companies to achieve significant improvements in efficiency and performance compared to the current generation of on-premise solutions and over-reliance on spreadsheets.

By providing data applications for pricing, forecasting and portfolio analysis, Gorilla enables energy companies to accelerate their transformation to carbon neutral energy, respond to market volatility and adapt to regulatory changes. At the same time, they can calculate prices for private households faster and bring new B2B products to market.

The company's customers include well-known energy suppliers in the UK, Germany, USA and Australia such as Centrica Business Solutions (formerly British Gas), ScottishPower, Shell Energy, Gas South, Southstar, Synergy, Luminus (part of EDF) and ENGIE. Gorilla has enabled Centrica to reduce the time it takes to produce complex quotes for its business customers from three days to under three minutes. And inefficiencies like this are an industry-wide challenge.

Innovation and expansion

"No one knows what the energy sector will look like in ten years'time.But along the way, innovation is key. This investment in Gorilla will help utilities around the world make their commercial offerings more flexible while achieving or being pushed towards net zero targets," said Ruben Van den Bossche, co-founder and CEO of Gorilla.

Led by global venture capital firm Headline and backed by existing investors Beringea and Flemish investment firm PMV, Gorilla will use this funding to drive its expansion into the US and German markets.

Investor comments

"The transition to renewable energy sources with intermittent and weather-dependent generation leads to higher grid volatility. The timing of energy consumption is critical. Gorilla helps utilities manage this increasing complexity. They provide the missing piece needed to better synchronize supply and demand.WithEurope leading the way in renewable energy generation, Headline believes that world-leading software solutions for the energy market will emerge from this region, and Gorilla is a prime example of this," says Jonathan Becker, General Partner at Headline.

Roald Borré, Group Manager Equity Investments at PMV, said: "PMV was one of the first investors because it was convinced of the added value of Gorilla's technology and the growing importance of data analytics in the utility sector. We strongly believe in Gorilla's international potential and therefore welcome this Series B funding round, which should enable Gorilla to accelerate the adoption of its technology and become an international market leader."

With existing offices in Austin, Antwerp, London and Melbourne, Gorilla's continued expansion in the US and Europe will help to increase its impact on the energy industry globally.