CIC and Octopus in £13.7m round for Origami Energy

Kenny Wastell
05 April 2016

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Cambridge Innovation Capital (CIC) and Octopus Ventures have taken part in a ТЃ13.7m series-A funding round for Origami Energy, a British energy technology company.

The fresh capital will allow Origami Energy to bring its systems to market, having successfully come through a testing and pilot deployment phase. It will also enable it to expand its capabilities for producing energy storage systems.

Renewable energy group Fred Olsen also took part in the round alongside two angel investors.

The deal marks Octopus Ventures' second investment in quick succession into the UK software-as-a-service sector. In March, the VC took part in a Paladin Capital-led $5m series-A for portfolio company Elliptic, a blockchain intelligence firm that develops fraud detection and investigation technology.

Previous funding
CIC invested £1.25m in Origami Energy, at the time known as Origami Technology, in August 2014. Octopus Ventures and two angel investors also took part in the £3.5m seed funding round.

Company
Founded in 2013 and headquartered in Cambridge, Origami Energy is a software-as-a-service company that monitors and manages the flow of energy across the electricity grid. Its systems are intended to reduce carbon emissions and enable more renewable energy sources to be integrated into the grid.

Origami Energy has additional operations in London and has a headcount of more than 30.

People
Origami Energy – Peter Bance (CEO).
Octopus Ventures – Simon King (early-stage investor).
CIC – Victor Christou (CEO).

Advisers
Equity - Stevens & Bolton (legal).