Flower to raise SEK 47 million from 41an Invest

Flower, a Stockholm, Sweden-based SAAS provider for the energy vendors, raised SEK 47 million ($4.9 million).

The money was raised from investors from Sweden, including 41an invest AB. Proceeds will be used to develop the company's AI-based technology for electrical flexibility.

Flower, founded as Krafthem in 2020 by CEO John Diklev, started as an energy retailer later pivoted to being a SAAS vendor by providing what they call electricity refining services. Specifically, it develops and markets a hardware-agnostic platform connected to over 4000 facilities from Sweden and helping customers looking to sell ancillary services such as FCR, FFR and RR. The company's portfolio of flexible assets today consists of energy storage, solar power, hydropower and electric vehicles.

Flower previously raised seed funding in 2020.