Tem secured $13.7M to disrupt the renewable energy market with AI

London-based startup Tem aims to revolutionize how businesses access renewable energy. Tem's innovative platform uses AI to directly connect companies with renewable energy sources, bypassing the wholesale market and the market dominance of traditional fossil fuel suppliers, promising savings of up to 25%, while providing access to traceable and renewable energy sources. The company recently announced it raised $13.7 million (£10.5 million) in a Series A funding round led by Atomico, which also featuring the participation of AlbionVC, Revent, and angel investors Holly and Sam Branson, and Wise executives Harsh Sinha and Nilan Peiris.

Tem's platform features a proprietary AI-powered engine that processes requests and matches small and medium businesses with renewable energy providers, considering forecasted fluctuations within energy supply and demand to ensure reliable service. The company generates earnings by charging a variable fee per transaction, which is still low enough to make the total cost more affordable than traditional energy sources. Tem's platform provides smaller organizations with an easier point of entry to profit from the renewable energy market, whose benefits have been only reaped by corporations large enough to negotiate long-term agreements so far.

Tem currently boasts a network of over 50 renewable generators, including everything from solar and wind farms to biogas-producing anaerobic digestion plants. It also reports 200 customers, including Silverstone, the home to the British Grand Prix. Although Tem could apply for a license to become a direct utility supplier, the company will continue to partner with a third-party supplier, as it plans to focus on the technology behind its platform. Currently, Tem only operates in the UK, but it is actively planning its European expansion, which it wants to accomplish before jumping over to the US market.