BLIXT Secures €5 Million Funding to Revolutionize Electrical Infrastructure
Stockholm, 20. March2024: BLIXT, a pioneer in transforming the electricity sector with its cutting-edge software-defined power system, has successfully raised €5 million in a seed funding round co-led by Union Square Ventures (USV) and Energy Revolution Ventures (ERV). This investment positions BLIXT for dynamic growth and accelerates its mission to revolutionize electrical infrastructure.
Leader in software-defined power systems
Since its founding in 2018, BLIXT has been a leader in developing cutting-edge technologies for the energy sector. Among their groundbreaking inventions are the world's first miniature solid-state circuit breaker, a smart electronic device that can quickly and safely stop the flow of electricity in case of a problem. Distinguishing itself from conventional mechanical circuit breakers, it integrates real-time metering and power flow control, empowering users to promptly adapt to changing grid conditions.
Recently, their advancements in voltage control have enabled more efficient conversion between alternating current (AC), typical of wall outlets, and direct current (DC), prevalent in renewable energy generation and battery usage. This innovation significantly enhances Battery Energy Storage Systems (BESS), which store surplus energy for future consumption. Consequently, integrating renewable sources such as solar and wind power into the electrical grid becomes more seamless and economically viable, thereby addressing pressing climate change concerns and contributing to a cleaner and more sustainable energy future.
Unlocking a zero carbon future
The existing electrical infrastructure, built on outdated mechanical components, lacks the flexibility and adaptability required for modern energy needs. "To fully unlock our zero-carbon future, its urgent to address the limitations of our antiquated electrical infrastructure. This requires a shift from the traditional one-way power flow to a fully programmable, multi-directional energy exchange." says Charlotta Holmquist, Co-founder and President of BLIXT.
To overcome this challenge, BLIXT offers a comprehensive solution with its innovative products that transform static electrical infrastructure, making it more responsive, flexible, and adaptable to the needs of today's energy landscape. The company's products address the challenges of integrating renewable energy sources and the growing demand for efficient energy storage solutions.
Ground-breaking technology platform for current and voltage control
The first key product is BLIXT Zero, a multifunctional switchgear that is x1000 faster and more advanced than a traditional mechanical breaker. This is especially important for the increasing use of direct current (DC) power and DC microgrids, as it enables a more stable and reliable power grid.
BLIXT's second product in the portfolio is the X-Verter®, a next generation voltage control technology which revolutionizes the performance of BESS. By using advanced cell-level control, the X-Verter® significantly reduces energy losses during AC and DC power conversion and extends battery life. The X-Verter® is designed to be scalable and adaptable to meet various customer needs, from backing up data centers to powering EV charging stations and large-scale solar installations.
Together, BLIXT Zero and X-Verter® provide a comprehensive approach to upgrading electrical infrastructure. These innovations not only support the integration of renewable energy sources but also improve the overall efficiency, reliability, and flexibility of the power grid, paving the way for a cleaner and more sustainable energy future. BLIXT's solutions have already attracted significant interest from a wide variety of customers, including a strategic partnership with Havells, India's biggest manufacturer of power electronics. The latest funding round will enable the company to expand its reach and scale up production to meet demand.
Statement Peter Robson, Managing Director ERV:
"BLIXT's groundbreaking solid-state circuit breaker (SSCB) and X-Verter® battery management system showcase a remarkable fusion of innovation and practicality. As partners invested in driving the energy revolution forward, we are delighted to co-lead this investment round and commends BLIXT for their unwavering commitment to reshaping the future of power distribution and conversion, making strides towards a more sustainable energy ecosystem."
Statement Nick Grossman, General Partner USV:
"The energy transition requires an upgrade of our electrical infrastructure, and a rethinking of how we manage energy assets. Blixt's products enable high-performance, software-based control of energy devices, providing a critical new building block for the sector. USV is thrilled to partner with the Blixt team to deliver on this vision".
Statement Charlotta Holmquist, President & Co-Founder BLIXT:
"The quality of our new lead investors marks a significant milestone and empowers us to accelerate software-defined power systems' growth," said Charlotta Holmquist, President and Co-Founder at BLIXT. With financial support and expertise from new board directors Peter Robson from ERV and Nick Grossman from USV, we lead in shaping the future of energy distribution."
About Blixt Tech AB
BLIXT enables software defined power by control of currents and voltages in real time. The solid state technology platform includes solid state circuit breakers and next generation battery system architecture, providing a more reliable, flexible and efficient electricity infrastructure. The company holds 53 patent applications and is since 2021 an official member of Infineon's high-quality partner ecosystem program. BLIXT was founded in Sweden in 2018 and among the investors are USV, ERV, Baywa r.e. Energy Ventures and Third Derivative. For more information, visit blixt.tech
About Union Square Ventures
Union Square Ventures is a thesis-driven venture capital firm based in New York City. USV backs trusted brands that broaden access to knowledge, capital, and well-being by leveraging networks, platforms, and protocols. Since its founding in 2004, USV has backed companies such as Twitter, Etsy, Lending Club, Duolingo, Coinbase and Cloudflare. Since 2021, we have introduced two Climate Funds dedicated to investing in companies and projects that provide mitigation for or adaptation to the climate crisis. For more information, visit www.usv.com
About Energy Revolution Ventures
Energy Revolution Ventures is a venture capital firm investing in pre-Seed, Seed and Series A+ start-ups, developing scalable technologies across the electrochemical ecosystem. It is leveraging years of experience of its shareholders turning energy and battery technologies into successful, publicly traded businesses. ERV has a deep understanding of the fundamental technology behind innovations as well as risks to scale and commercialization. ERV is an active investor, supporting founders and innovators functionally and at the board level. For more information, visit www.erv.io