Bright Energy to raise SEK 40 million in a round led by By Wit

Bright, a Stockholm, Sweden-based operator of a digital platform for the energy sector, raised a capital funding round closed at SEK 40M ($4.2M).

The money was raised locally from Sweden, from investors including byWiT, Utvecklingsklustret Energi AB, and Montel AS.

The proceeds will be used to grow the business and expand further into Europe.

Bright, founded in 2011 by Lars Roth and CEO David Forsberg, was initially an electricity trading company spun-off of the energy company Anova, and selling electricity from solar, wind and hydro marked with the SSNC's ecolabel Good Environmental Choice. It later pivoted to a SAAS developer of a data-driven digital platform sold to electricity companies, via which they can offer smart electricity hourly priced combined with smart services to move consumption of energy to green hours.

The solution helps maximize the climate benefits from solar and wind power, as the technology helps to deal with the growing problem of capacity shortages in the electricity networks, including evening out the load on the electricity network around the clock. The platform is based on the customer's own usage patterns and data, which gives them tools to understand, control and automate their electricity use at a lower cost and reduced climate impact.

Prior to this round, Bright raised $3.7 million in 2021 and a total of $5.5 million from investors including Zenith and Doberman Forward.