IONATE Secures Oversubscribed $17M Series A Led by AlbionVC
Deal News | Feb 05, 2025 | Zero Carbon Capital
IONATE, a portfolio company of Zero Carbon Capital, has successfully completed an oversubscribed $17M Series A funding round. The round was led by AlbionVC, with participation from new investors including In-Q-Tel, JGC, Santander InnoEnergy Climate Fund, and Antares Ventures. Existing investors like Zero Carbon Capital, IQ Capital, and Cycle Group also contributed. Matthew Williams, Founder & CEO of IONATE, emphasized the company's readiness to modernize electric infrastructure to enhance resiliency, flexibility, and efficiency in energy systems. Zero Carbon Capital initially invested in IONATE four years ago, seeing potential in its Hybrid Intelligent Transformer (HIT) technology. This technology is designed to transform grid hardware, improving data and control capabilities while supporting the transition to renewable energy sources. IONATE's innovations have the potential to handle more distributed energy resources and reduce wasted power significantly, contributing to global decarbonization efforts by 2050.
Sectors
- Renewable Energy
- Venture Capital
- Electrical Infrastructure
Geography
- United Kingdom – AlbionVC, the lead investor in the Series A round, is a UK-based deeptech investor.
Industry
- Renewable Energy – The article discusses IONATE's role in enabling renewable energy integration through advanced grid technology.
- Venture Capital – The article details significant VC investment in IONATE's Series A funding round.
- Electrical Infrastructure – IONATE focuses on modernizing electrical grid infrastructure with intelligent transformer technology.
Financials
- $17M – The total amount raised in IONATE's oversubscribed Series A funding round.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| IONATE | Target Company | Company | Developer of Hybrid Intelligent Transformer technology for modernizing grid infrastructure. |
| Zero Carbon Capital | Existing Investor | PE Firm | A private equity firm with a focus on supporting companies that contribute to carbon reduction. |
| AlbionVC | Lead Investor | Company | A UK-based venture capital firm leading the Series A funding for IONATE. |
| In-Q-Tel | New Investor | Company | A strategic investor known for supporting technology advancements. |
| JGC | New Investor | Company | A conglomerate with diverse investments including energy and infrastructure. |
| Santander InnoEnergy Climate Fund | New Investor | Company | An investment fund part of Santander Group focusing on energy innovations. |
| Antares Ventures | New Investor | Company | An investment firm participating in IONATE's Series A round. |
| IQ Capital | Existing Investor | Company | A venture capital firm that previously invested in IONATE. |
| Cycle Group | Existing Investor | Company | A previous investor in IONATE. |