Entrepreneur of the month: FlexiDAO
By: Daniela Portugal
We will get to know some of the startups that are part of our ecosystem. This time, the protagonist is FlexiDAO, a software provider that seeks to accelerate the transition to a decarbonized and decentralized energy industry thanks to the use of blockchain applications. Do you want to discover who is behind this innovative project? We have spoken with Joan Collell, Co-founder and COO at Flexidao.
FlexiDAO: “We use blockchain in order to help companies to avoid greenwashing by tracking where the energy comes from”
How has EIT InnoEnergy supported FlexiDAO?
InnoEnergy supported us financially from the very beginning. It was the first investor that we had that gave us money to initiate operations. But it was not only that, but they also provided industry contacts and a more in-depth understanding of the energy industry.
Could you give us some example of the impact of this support?
Our first launching customer, Acciona, came through an innovation project programme that they launched, which is called I’MNOVATION. InnoEnergy gave us a referral to that programme. They continued to help us from different angles: business development, market understanding...
How is your technology contributing to your area?
We are helping companies avoid greenwashing by tracking where the energy comes from. We use blockchain technologies and key underline technology for that. We are one of the global leaders in the blockchain energy space. We use digital monitoring to make sure that you are not double counting energy and its traceability. We could use people to do it but blockchain is just a more cost-effective way to use the monitoring.
What's the key advantage of FlexiDAO?
First of all, we are extremely focused on one use case, so we are not diversifying all our efforts into multiple future blockchain in energy use cases, which could be very generic. We specialise in the B2B space for renewable energy traceability. That's one of our strengths. From a technological perspective, the simple user experience of our technology and scalability is also helping us grow a lot.
Where do you see your company in 5/10 years?
The vision of the company is related to the integration of many distributed energy resources into the grid, which we believe is one of the biggest challenges of the energy sector. The name FlexiDAO comes from there: we think that flexibility is going to be critical. And we are going to have an infrastructure layer of technology that can coordinate these transactions in an effective and secure way. We think that in the long term that's where the company will go, it would be an evolution from traceability to flexibility.
What are you working on right now?
We are present in nine countries, working with several large utilities such as EDP, Iberdrola, Acciona, etc. We are trying to scale, to replicate what we have done with them and grow with them in their existing customer base. Our next plans are to continue to expand internationally. We have secured an investment round recently, from InnoEnergy and SET Ventures. This was a seed round of over a million euros.
Are you looking for more investment?
Now that the round is closed, we will be looking for a new series: a new round at the beginning of 2021.
Read more about FlexiDAO on their InnoEnergy Business Creation page.