How does Tem's AI engine reduce energy prices?

Tem's AI-powered transaction engine, Rosso, uses machine learning and LLMs to predict energy supply and demand, aiming to eliminate intermediaries and their associated profit layers.

How much funding did Tem secure in its Series B round?

Tem recently closed an oversubscribed $75 million Series B funding round.

Where does Tem plan to expand its operations?

Tem plans to use its recent funding to expand its operations to Australia and the U.S., beginning with Texas.

Home / Business and Economy / UK Startup Uses AI to Revolutionize Energy Trading

UK Startup Uses AI to Revolutionize Energy Trading

10 Feb

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Summary

AI-powered engine aims to reduce energy prices.
Startup secured $75 million in Series B funding.
Expansion planned for Australia and the U.S.

UK Startup Uses AI to Revolutionize Energy Trading

London-based startup Tem is employing artificial intelligence to combat rising electricity prices, particularly those driven by AI data centers. The company has developed an energy transaction engine named Rosso, which utilizes AI to cut costs by optimizing transactions and reducing market intermediaries.

Tem's engine, Rosso, employs machine learning and LLMs to predict energy supply and demand. CEO Joe McDonald stated the goal is to eliminate multiple layers of profit-taking intermediaries and associated labor costs, making electricity prices more reflective of wholesale rates.

The company also operates a 'neo-utility' division called RED, initially created to demonstrate Rosso's value. RED currently serves as Rosso's sole utility customer, significantly influencing Tem's strategic focus.