Company name: Upside Energy

Sector: Energy

Stage: Series A

Geography: UK

Investment date: December 2017

SYSTEMIQ investment amount: GBP 1.5m

Total investment amount: GBP 5.5m


Upside Energy (“Upside”) is a Manchester-based company that has developed a cloud platform that uses advanced algorithms and artificial intelligence to coordinate connected devices to deliver valuable flexibility services to the energy system.

The UK’s energy system is in transition, with low cost renewable generation technologies now capable of meeting a substantial portion of consumer demand.  In order to integrate a larger proportion of intermittent renewable power from wind and solar, and adapt to new power demand patterns at low cost, there is an increasingly urgent need to unlock demand-side response.

Upside has developed a powerful software platform that connects suppliers and users of energy by harnessing latent capabilities of connected devices. Capable of providing core services to transmission and distribution network operators, energy suppliers, battery owners, renewable energy generators and providers of commercial and residential property-based solutions,  it enables customers to save on their energy costs or earn revenue by changing their demand curve to solve imbalances for the Grid.

Following three years of development and testing, including collaborative studies with the UK government, universities and global equipment manufacturers, the Upside cloud platform is in its commercialisation and scale-up stage, and is being rolled out to the wider market.

SYSTEMIQ co-led Upside’s GBP 5.5 million Series A fundraise with Legal & General Capital. We have invested alongside Modern Energy, a North Carolina-based energy asset management firm, Bulldog Innovation Group, a Yale-affinity early stage venture capital firm and a group of individual investors. The capital will be used to expand the team in order to further develop the platform’s capabilities, accelerate commercialisation, drive operational deployment, and to realise Upside’s vision for a new, cleaner and more equitable energy system.