Energy storage software startup Tyba announced that it raised $13.9 million in a Series A funding round, with proceeds aimed at advancing its solution aimed at helping energy providers maximize the profitability of their energy storage assets.

Energy storage forms one of the key building blocks for the rapidly expanding clean energy transition, given the intermittent generating nature of many sources of renewable energy, such as wind and solar, and the need to satisfy round-the-clock energy demand, while ensuring that energy is not wasted. According to the U.S. Energy Information Administration (EIA), energy storage capacity has grown by 6x over the past three years.

While demand for energy storage has grown significantly, however, managing storage assets is inherently complex, according to Tyba, particularly in light of the rapidly evolving power markets.

Founded in 2020, California-based Tyba provides advanced AI/ML forecasting and optimization tools to energy companies to optimize the value of energy storage projects. The company’s solutions include Asset Operations, which formulates optimal bidding strategies and automates management functions, as well as enabling real-time adjustments, and Project Simulation, a project modelling tool for the development of future energy storage projects. Tyba’s clients include TotalEnergies, Copia Power, Linea Energy and WhitePine Renewables.

Michael Baker, CEO & Co-founder of Tyba, said:

“Tyba is the autopilot system for batteries. Our platform forecasts opportunities, executes automated dispatch and bidding strategies, and provides the visibility and control needed for traders and asset managers to manage their facilities profitably and at scale. We make the nitty gritty of battery operations easy so our customers can focus on meeting our country’s energy needs.”

Tyba said that the new capital will be used to scale its AI-enabled energy forecasting, trading and optimization solution, and to support expansion into new geographic markets.

The Series A funding round was led by Energize Capital, with participation from new investors Pear VC, Mobilize Climate Capital, and Borusan Ventures, and follow-on investment from Powerhouse, Wireframe, Virta, and Lorimer.

Tyler Lancaster, Partner at Energize Capital, and a member of Tyba’s board of directors, said:

“Large-scale energy storage is proving to be essential to the energy transition, especially as we respond to surging global energy demand and an increasingly complex power grid. However, operational challenges continue to be one of the most significant barriers to scale for battery assets, in part due to the active, hands-on management these assets require. Tyba’s solution tackles this challenge head-on, leveraging AI to enhance the profitability of battery storage by facilitating development decision-making and optimizing dispatch strategies. We are excited to partner with the Tyba team and support the company in this next phase of growth.”