Energy Startup Nrylze Secures 10 Million SEK Funding to Fuel European Expansion

Nrylze, a Swedish energy startup, has successfully raised 10 million SEK to propel its expansion in Europe, with notable support from investors including Peter Carlsson, founder of Northvolt. This funding round was led by venture capital firms VEQ and Aipa Invesco.

Founded in 2020, Nrylze focuses on utilizing AI technology to optimize heating systems in buildings, addressing both cost efficiency and energy consumption. According to Lars Hansson, CEO and co-founder, the startup's innovative solutions can significantly reduce heating costs and enhance property values by identifying and correcting misconfigurations within existing systems.

Currently, the company has approximately 100 clients, mostly small enterprises, and is now pivoting its strategy to attract larger customers across Sweden and Europe. Nrylze’s planned international growth will initially target markets in Poland and Finland, while also considering potential collaborations in the Netherlands.

Since its establishment, Nrylze has raised a total of 15 million SEK. It reported a revenue increase to nearly 8 million SEK last financial year, up from 4 million SEK, while achieving a profit margin improvement from a previous loss of 1 million SEK to an estimated profit of 500,000 SEK this year.