National Grid Partners Invests in two Artificial Intelligence Startups to Protect Critical Infrastructure
National Grid Partners (NGP), the investment and innovation arm of National Grid plc (LSE: NG; NYSE: NGG), announces two new investments in data analytics startups that use artificial intelligence (AI) to protect critical infrastructure and ultimately help reduce costs for customers.
NGP led both funding rounds with $6M in combined investment. Since its launch in November 2018, the utility industry's first Silicon Valley-based investment and innovation firm now has put $175 million to work in emerging technology companies and specialty venture funds. These innovators share National Grid's commitment to developing a smarter, more renewable energy future.
NGP's newest portfolio additions are:
NGP Director Andre Turenne will join both companies' boards of directors.
Founded to help National Grid disrupt and future-proof itself, NGP invests in early and expansion-stage companies from its $300M initial funding allocation. Its focus areas include the Internet of Things, grid modernization, security, cloud, AI, mobility, and analytics, among others. NGP also convenes the NextGrid Alliance, a network of global utility companies that share innovation and investment best practices to solve common problems and benefit customers.
About National Grid plc
National Grid plc (LSE: NG; NYSE: NGG) is one of the largest investor-owned energy companies in the world. National Grid and its affiliates play a vital role in delivering gas and electricity to millions of people across Great Britain and the northeastern U.S. The company is transforming its electricity and natural gas networks with smarter, cleaner, and more resilient energy solutions to reduce its greenhouse gas emissions to net zero by 2050. National Grid also is working to accelerate decarbonization through its diverse portfolio of low-carbon and renewable energy businesses.
About National Grid Partners
National Grid Partners (NGP) is the venture investment and innovation arm of National Grid plc. NGP invests for strategic and financial impact and leads companywide culture transformation efforts. The organization provides a multi-functional approach to building startups, including innovation (new business creation), incubation, corporate venture capital, business development and culture acceleration. NGP is headquartered in Silicon Valley and has offices in Boston, London, and New York. Visit ngpartners.com or follow us on Twitter (News - Alert) (@ngpartners_) and LinkedIn.