Tesseract Raises $78M in Funding

TesseractThe funding was for $78m to a London-based company that makes new energy.

Balderton Capital and Lakestar led the round, with participation from Accel and Creandum, Lowercarbon Capital and Ribbit, as well as strategic angels like Tom Stafford (DST Global), Martin Mignot, Inex Ventures, Chris Sacca (Lowercase Capital and Lowercarbon Capital), John Doran, Nico Rosberg (Formula 1 World Champion, sustainability entrepreneur).

The company plans to use the funds for the purchase and construction of renewable energy assets as well as to develop the platform. 

Founded in 2022 by Alan Chang, CEO, and Charles Orr, COO, Tesseract is a vertically-integrated energy startup that aims to decentralize the right to power, providing commission-free energy to customers without the need for rooftop solar panels. Instead of installing solar panels, customers will be able to buy a ‘virtual’ solar panel or wind turbine on the app which could cut their bill by as much as 100% and allow them to capitalise on selling the excess energy. Tesseract’s co-located grid-scale battery system will allow it to manage energy flexibility and create a highly commercially appealing model.

FinSMEs

08/09/2022

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