Tyba Raises $14M To Optimize Energy Storage Projects

Tyba, an energy storage software startup based in California, has successfully concluded its Series A funding rounds with a total of $13.9 million to advance its solutions that help energy providers maximize the profitability of their energy storage assets. This is where complex challenges are experienced while managing storage projects, which have become the critical components in the transition into clean energy.

The intermittency of renewable energy sources such as wind and solar makes energy storage crucial for balancing these resources. As power supply needs are round-the-clock, storage systems ensure that the excess energy produced is not lost but used at the time it is required. According to the U.S. Energy Information Administration (EIA), energy storage capacity has expanded sixfold in the last three years, a reflection of how fast the sector is growing.

However, even though the demand is increasing, managing energy storage assets inherently remains complex because of the dynamic nature of power markets and operational challenges. That is where Tyba comes to make a difference in the market space, delivering advanced artificial intelligence (AI) and machine learning (ML) tools to optimize the operations of storage projects and enhance profitability. The solutions developed by the company are designed for energy companies that can automate management processes and enable real-time decision-making that puts together better outcomes in operations.

The two main flagship products offered by Tyba are Asset Operations and Project Simulation. The Asset Operations service delivers optimal bidding strategies to energy companies, automates management functions, and offers the ability to adjust in real time to the latest market conditions. Project Simulation, on the other hand, is a modeling tool that aids the development of future energy storage projects by assisting the stakeholders to check the viability and potential returns from new investments. The firm has served various significant clients including TotalEnergies, Copia Power, Linea Energy, and WhitePine Renewables.

The technology developed by Tyba is, according to its CEO and Co-founder Michael Baker, an "autopilot system for batteries." He explained how the platform "forecasts opportunities, executes automated dispatch and bidding strategies, and provides asset managers and traders with the visibility and control needed to manage energy storage facilities at scale.". "We make the nitty-gritty of battery operations easy so our customers can focus on meeting our country's energy needs," Baker stated.

Tyba will use new funding to extend its AI-based energy forecasting, trading, and optimization solutions to new geographic markets. The investment round was led by Energize Capital, which invests in clean energy technologies, and is joined by first-time investors Pear VC, Mobilize Climate Capital, and Borusan Ventures. Powerhouse, Wireframe, Virta, and Lorimer followed on for the existing investors.

Tyler Lancaster, partner at Energize Capital and board member at Tyba, underlined the necessity of large-scale energy storage for the fulfillment of global energy demand and the overcoming of the complexity of modern power grids. According to him, one of the biggest barriers in scaling battery assets is operational challenges, partly because they require active and hands-on management. Lancaster noted that Tyba's solution would address the head-on challenges it presented, mainly through AI-driven optimization, so companies can get out of energy storage management complications and maximize profit.

Lancaster is very excited to have Tyba during this growth period. "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," he said.

Since its founding in 2020, Tyba has positioned itself as a leader in developing cutting-edge technology solutions that simplify energy storage management. The company’s innovative approach and growing list of industry partners underscore the critical role of technology in driving the clean energy transition.

As the demand for renewable energy continues to grow and grid operations become increasingly complex, companies like Tyba are well-positioned to play a key role in enabling a more sustainable and reliable energy future. With its latest funding and a strong focus on technological advancements, Tyba is set to expand its footprint and further solidify its position as a leading player in the energy storage sector. The company’s commitment to innovation and sustainability aligns with the growing need for efficient and scalable solutions in the clean energy landscape.