VERBUND X Ventures invests in the Munich-based tech startup SPiNE - Intelligent use of smart meter infrastructure
VERBUND X Ventures, the Corporate Venture Capital Unit of the Austrian energy supplier VERBUND, is participating as co-leader in the financing round of the Munich-based startup SPiNE, which has a total volume of 1.5 million euros. The startup will use the funds raised from the financing round to further grow its team and to expand its product range.
SPiNE, founded in Munich by three industry experts in 2024, pursues the vision of enabling a safe, clean and low-cost energy supply for end customers. This is achieved through the accelerated rollout of smart meters as well as the digitalisation of charging infrastructure, heat pumps and battery storage systems. At the heart of SPiNE is an innovative middleware platform that serves as a central interface between various applications and devices, in order to enable the efficient communication and control of energy management systems. This platform is hardware agnostic and therefore functions independently of the hardware used, and is compatible with a wide range of devices and systems of different manufacturers. This makes the solution flexible, future-proof and easy to integrate into existing infrastructure.
“With our investment in SPiNE, we’re supporting a pioneering technology that not only improves the efficiency of energy consumption, but also contributes to grid stability. SPiNE optimises the available smart meter infrastructure and in doing so lays the foundation for a safer and more efficient energy system,” explains Michael Strugl, CEO of VERBUND AG.
Franz Zöchbauer, Managing Director of VERBUND X Ventures adds: “A strong founding team is key to the success of a startup, and that’s precisely what we’ve found at SPiNE. The founders have many years of experience in the development of software for smart grids and energy management system, and have excellent contacts in the energy sector. This expertise and their deep understanding of the energy industry make SPiNE a pioneering player in the digital transformation of the sector. We look forward to accompanying them on their way.”
Strong market opportunities through smart meter rollout
The European market for energy management systems is growing strongly and is estimated to be worth 30 billion euros by 2030. In Germany, the rollout of smart meters is a legal requirement and 28 million devices should be installed by 2032. The solutions of SPiNE are particularly scaleable, as they are based on the existing infrastructure and do not require any additional hardware.
The SPiNE platform enables applications such as the grid-supportive control of consumer devices, the utilisation of flexibility potential through dynamic electricity tariffs, and the reading and processing of measurement data in the submetering area. SPiNE’s Device Control Center offers a monitoring and management system for smart meter gateways and other locally installed devices. This allows meter operators to accelerate the rollout in a controlled and mass-market manner. Germany is the initial market for SPiNE, and the company aims to expand into other European countries in the next step.
“We are on the brink of the comprehensive digitalisation of the energy industry. Our cyber-secure solutions help to use smart meters not only as a metering device, but also as a central component for a flexible and future-proof energy system. We are pleased to be able to actively shape this change with the support of our investors,” says Ron Melz, co-founder and Managing Director of SPiNE. SPiNE plans to use the fresh capital to accelerate the next phase of growth, expand the team and further consolidate its market position.
Cooperation and partnerships
SPiNE is already benefiting from strong partnerships with leading hardware providers. This first-mover position gives the company a significant advantage: SPiNE has a fixed place in millions of households through the smart meter rollout, giving it direct access to end customers. In the current financing round, Bayern Kapital is an important co-lead investor and supports the company’s growth in Germany. “The close cooperation with VERBUND X Ventures is an important success factor for us. Together, we can combine our knowledge and networks to effectively support SPiNE in this crucial growth phase and drive the digital transformation of the energy industry,” says Monika Steger, Managing Director of Bayern Kapital.
With its investment in SPiNE, VERBUND X Ventures is once again demonstrating its commitment to promoting innovation in the European energy market and implementing the energy transformation. SPiNE is a key partner for the digital transformation of the energy sector and will make a significant contribution to increasing efficiency and to the safety of decentralised energy systems.
More information on VERBUND X Ventures: https://www.verbundx.com/en-at/ventures
About SPiNE: SPiNE was founded in February 2024 by three experts from the energy industry who previously spent many years in leading positions in the area of software development for energy applications, in telecommunications and in product development for critical infrastructure. The vision of SPiNE is to create a safe, clean and affordable energy supply for all end customers. To achieve this, the company relies on the smart meter rollout and thus on the digitalisation of metering and the control of charging infrastructure, heat pumps and battery storage systems. In order to keep the technical solution cost-effective and flexible for end customers and to make it extensible for all future changes, SPiNE is developing a new “middleware” layer as an application platform for all energy applications. More information:
