Bright in a SEK 31.2 million capital investment round backed by Utvecklingsklustret Energi and Montel.

Bright, a Stockholm, Sweden-based operator of a digital platform for the energy sector, announced the completion of a SEK 31.2M ($3.7M) capital investment round.

The money was raised from investors including Utvecklingsklustret Energi AB, which is jointly owned by several Swedish energy companies, and the Norwegian company Montel AS.

The proceeds will be used as the company aims to  expand to the rest of the Nordic region and parts of 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.

Bright previously raised about $2 million from investors including Zenith and Doberman Forward.