Japan's I-Grid Solutions raises $21m
Japan’s The Fund, a joint venture between Mizuho Capital and VC firm Signifiant, has invested JPY 30bn (USD 21m) in local corporate energy management advisor I-Grid Solutions.
It brings I-Grid’s total funding since its inception in 2004 to JPY 280bn, including a JPY 2bn round in 2021 from The Fund and DG Ventures. It has also received capital from Itochu Corporation, Innovation Engine, MS&AD Ventures, Tokyo Century Corporation, JA Mitsui Leasing, Sigmaxyz Investment, and petroleum products company Suzuyo Shoji.
The investment will facilitate the acquisition of VPP Japan, a solar industry supplier previously backed by I-Grid alongside local clean energy specialist Energy & Environment Investment. This will in turn support an expansion of I-Grid’s energy storage interests, including batteries and electric vehicle (EV) charging infrastructure.
I-Grid delivers small to medium-sized enterprises a range of products and services aimed at reducing electricity usage and costs. It describes itself as an energy-as-a-service company that applies behavioural economics. Operations encompass the promotion and networking together of recycling and new solar power installations, as well as related ecosystem developments such as EV stations.
The Fund closed with JPY 20bn in commitments in 2019 with a view to backing expansion-stage and pre-IPO technology companies. Notable investees include space debris cleaning start-up Astroscale and enterprise software provider SmartHR. Astroscale raised USD 76m in Series G funding in February, while SmartHR raised a JPY 15.6bn Series D in 2021 at a valuation of USD 1.6bn.
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