Tem raises $75M to remake electricity markets using AI
As AI data centers drive up electricity prices, London-based startup Tem thinks AI might be able to help solve it, too. Tem has built an energy transaction engine that relies on AI to cut prices relative to other energy traders. The company has signed up more than 2,600 business customers throughout the U.K. on the promise that buying energy from its utility division can save them up to 30% on their energy bills. The startup recently closed an oversubscribed $75 million Series B led by Lightspeed Venture Partners with participation from AlbionVC, Allianz, Atomico, Hitachi Ventures, Revent, Schroders Capital, and Voyager Ventures, TechCrunch has exclusively learned. The round values Tem at more than $300 million, a source familiar with the deal told TechCrunch. The startup…
