Energy tech firm Beacon Power Services secured Series A funding to accelerate growth
In order to improve its product offerings and enter new markets, Beacon Power Services, an energy technology company based in Nigeria that offers data and grid management solutions to help Africa’s power sector distribute electricity more effectively, has raised an undisclosed amount of Series A funding. By offering data-driven solutions tailored to the particular requirements of the continent’s power industry, Beacon Power Services revolutionizes the way African utilities oversee the grid.
An AI-enabled digital mapping (GIS) and address platform called CAIMS (Customer and Asset Information Management System) assists utilities in better collecting and organizing data. This enables utilities to provide millions of consumers with better service by making more informed decisions based on data.
Real-time grid monitoring and control is provided by ADORA, which aids utilities in improving operational effectiveness and better managing their power distribution to lower outages. Beacon, which has already experienced tremendous growth in Ghana, is now poised for even more growth after obtaining an undisclosed sum of Series A funding in a round led by Partech and including Finnfund, Gaia Impact, Proparco Groupe AFD, and former investors Kaleo Ventures and Seedstars Africa Ventures. Clermount, On.Capital, Global Brain and its CVC partner JGC MIRAI Innovation Fund, and others are also investors in the round. With the help of the funding, Beacon will be able to improve the products it offers, help its current business grow, and enter new markets in Eastern and Southern Africa.
“We are at the forefront of transforming Africa’s energy infrastructure through advanced software that enables utilities to deliver more reliable electricity, optimise their operations, and decrease reliance on diesel generators. Central to our approach is providing real-time insights and actionable intelligence to utility companies across the continent. Energy challenges faced, especially in urban centres, cannot be resolved without the right data, which is the foundation of all our solutions,” said Bimbola Adisa, founder and CEO of Beacon.
“With an exceptional track record in transforming grid management for utilities in Nigeria and Ghana, Beacon Power Services has established itself as a leader in addressing Africa’s energy challenges through data-driven solutions,” said Cyril Collon, general partner at Partech. “We believe in the potential of African founders to solve the continent’s most pressing issues, and BPS embodies the type of company our Partech Africa Fund II was created to support. We look forward to partnering with Beacon as they scale their operations and increase their impact across Africa.”
Now employing more than 200 people in Nigeria, Ghana, Kenya, Zambia, and the US, Beacon has grown dramatically since its seed round in 2022.
