Beacon Power Services (BPS) a Nigerian tech startup has secured a $2.7 million seed round.
BPS is known to provide energy management software and also analytics used by utilities and mini-grid operators. It was revealed that the secured funding will help the company develop its current product, which includes product upgrades, the introduction of new features, and incorporating automation. BPS also wants to launch out to new markets and establish itself in other African nations aside from its current operating locations.
Seedstars Africa Ventures led the seed round which also included, Oridun Capital Management, Persistent Energy, Factor (e) and Kepple African Ventures.
Seedstars Africa Ventures, repersented by its Managing Partner, Maxime Bouan, gave insight on the investment “As a society, we have recognized climate change as one of the biggest threats to our generation, and it is critical we use smart capital to support entrepreneurs across Africa who are creating innovative and localized solutions to tackle this challenge.”
While giving details to the investment, Chief Executive Oficer, Beacon Power Services, Bimbola Adisa stated; “Africa is home to the fastest growing cities in the world, but when most people think of energy access in Africa, they think of the rural areas with little or no access to electricity at all. However, it is impossible for Africa to develop without significantly improving electricity access and reliability across its major cities.”
He futher explained;“When we realized that solutions designed for mature markets fail to address the unique infrastructure challenges Africa faces, we developed a tailored solution for power companies on the continent to improve daily grid supply of electricity.”
BPS was launched by Bimbola Adisa in 2014, to fill the voild of insufficient electricity distribution from the nation’s power distribution companies. It is a US-Nigerian based electricity, its management platform is also artificial Intelligence enabled, which is called Adora, buildt to provide solution to major fundamental issures power distribution companies face on the continent.
Adisa launched BPS in 2014 to address the inadequate electricity supply from power distribution companies. The U.S.- and Nigeria-based utility company provides energy management software and analytics for utilities. Its AI-enabled grid management platform, Adora, solves one of two fundamental problems power distribution companies face in Africa.