London-based flexible energy software platform Axle has raised $9m (£7m) in a seed funding round led by VC firm Accel.
The startup was founded in 2023 to meet the changing energy demands as the world slowly moves beyond fossil fuels and traditional energy grids.
Axle Energy has developed a software platform to connect devices such as EVs, heat pumps and solar panels to electricity markets.
The company said modern energy demands will require a more flexible grid that can redistribute electricity dynamically based on demand.
“Millions of people have assets in their homes that can stabilise the power grid, save them money on their energy bills, and help us pivot away from fossil fuels,” said Axle Energy co-founder and CEO Karl Bach.
“The past few years have shown us that relying on fossil fuels is an expensive risk, and now we have the opportunity to radically rebuild and decarbonise the power grid, which the UK government has also pledged to overhaul.”
Bach founded the company with Archy de Berker, both coming from backgrounds in the energy sector.
The Accel-led investment round also included funding from Picus Capital and Ekta Ventures along with a handful of angels including Formula 1 champion Nico Rosberg.
“Karl and Archy have a wealth of experience in the energy sector, and their vision for rebuilding the grid in favour of renewable energy sources is truly exciting – and necessary,” said Accel partner Zhenva Loginov.
“They’ve seen strong early traction, with their easy-to-use software platform already being used by major manufacturers.”
In June of last year, the company raised £1.3m in pre-seed funding.