# Ionate

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/ionate

- Industry: Energy Storage & Batteries
- Headquarters: Edinburgh, UK
- Website: www.ionate.energy
- Total disclosed funding: $21M
- Latest round: Series A (Jan 8, 2025)
- Investors on record: 9

## About

Based in Edinburgh, UK, founded in 2019 by Matthew Williams (CEO), Ionate Limited develops technology for smart electricity grids, using Hybrid Intelligent Transformers to monitor and control power flow. In February 2025, Ionate Limited raised GBP 13.6 million in series A funding led by AlbionVC, with participation from Santander Alternative Investments, Global Brain, and Antares Ventures.

IONATE specializes in the development of next-generation Hybrid Intelligent Transformers, designed to replace outdated traditional transformers. These products optimize power flow and minimize energy losses, enabling the integration of renewable energy sources such as wind and solar. IONATE’s transformers are aimed at enhancing electricity grid capacity and quality, providing real-time monitoring. Their client base includes energy providers and utilities in diverse markets across Europe and North America.

IONATE's revenue model centers around B2B partnerships with energy utilities and providers that incorporate its Hybrid Intelligent Transformers into their systems. This model includes contracts with upfront hardware installation costs and ongoing fees for software and monitoring services, contributing to a steady income stream through initial sales and recurring agreements.

The company plans to use the February 2025 funding to expand operations in Europe, particularly in Austria, Spain, and Portugal, and enter the US market.

## Funding rounds

- Series A, Jan 8, 2025, $17M — In-Q-Tel, IQ Capital, Global Brain, AlbionVC, Cycle Group, Zero Carbon Capital, Santander Alternative Investments, Antares Ventures
- Seed, Jul 29, 2022, $4M — IQ Capital, Old College Capital, Cycle Group, Zero Carbon Capital

## Investors

- IQ Capital (https://capitalatlas.ai/funds/iq-capital) — Seed, Series A
- Old College Capital (https://capitalatlas.ai/funds/old-college-capital) — Seed
- Cycle Group (https://capitalatlas.ai/funds/cycle-group) — Seed, Series A
- Zero Carbon Capital (https://capitalatlas.ai/funds/zero-carbon-capital) — Seed, Series A
- In-Q-Tel (https://capitalatlas.ai/funds/in-q-tel) — Series A
- Global Brain (https://capitalatlas.ai/funds/global-brain) — Series A
- AlbionVC — Series A
- Santander Alternative Investments (https://capitalatlas.ai/funds/santander-alternative-investments) — Series A
- Antares Ventures (https://capitalatlas.ai/funds/antares-ventures) — Series A