Focused on improving energy access across Africa, Beacon Power Services (BPS) has closed a seed round of $2.7 million.
The seed round was led by Seedstars Africa Ventures with participation from Persistent Energy, Kepple Africa Ventures, Factor[e] and Oridun Capital Management.
Founded in 2014 by Bimbola Adisa, Beacon Power Services provides data solutions and grid management software for Africa’s power sector. The company was built with the goal to enhance the electricity supply across the continent.
With the new funding, Beacon Power Services will upgrade its product to include new features and incorporate automation. The company also plans to expand into new markets beyond Nigeria and Ghana, where it currently operates.
BPS offers access to real-time operational data that allows users perform energy audits, optimise grid efficiency, and grow revenue. It also enables users take complete control of their energy infrastructure and manage billing, installations, as well as logistics, and with big data solutions, customer and assets inventory can be effectively managed at scale.
The company has grown from a single utility in Nigeria to four utilities in two countries, including Ghana, covering more than 8 million customers including residents and businesses.
Beacon Power Services’ business model entails working with its clients as partners over the long term, and not just to sell products. As such, the company can defer most of the upfront cost of deploying its technology in exchange for service-based payments commensurate with the value it creates.
The company affirms to have impacted over 30 million consumers and businesses, processes more than 200 million data grids and transaction points daily and is in the move to go beyond this within a short time.
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