Laki Power receives growth investment and announces new senior executives

Investment round lead by VC specialist firm Brunnur Ventures

Laki Power, Oskar Valtysson, Bjorgvin Sigurdsson

Laki Power co-founder and CTO Oskar Valtysson with incoming CEO Bjorgvin Sigurdsson

Reykjavík, Iceland – 10 September 2020 – Laki Power, a leading provider of high voltage surveillance and real-time monitoring for transmission systems announced today that it received a significant growth investment and that it has bolstered its executive team.

The investment includes contributions from Brunnur Ventures, a VC focused on start-up companies, emphasizing innovation and growth, combined with scalable business models and extraordinary talent; Silfurberg, an international investment firm founded in 2002; and two additional investors. The new investment will accelerate Laki Power’s expansion of marketing and business development activities together with continued research & development. Laki Power previously closed a financing round led by Brunnur Ventures.

Dr. Bjorgvin Sigurdsson is an experienced power industry and technology professional with knowledge in maximising long-term profit potential and forging long-term, productive business relationships with clients. The former Executive Vice President of Marketing and Business Development at Landsvirkjun, the National Power Company of Iceland, was appointed as Laki Power’s Chief Executive Officer.

Sigurjon Magnusson, Laki Power’s founding CEO now takes on the role of Chief Operating Officer.

“Transmission system operators are facing ever increasing challenges with high voltage grid asset protection, transmission line monitoring and access to real-time data and analytics,” Bjorgvin said. “We will continue the company’s growth while strengthening our product and telling our story to grid operators who do not yet know how Laki Power can help position them for long-term success.”

Financial terms of the investment were not disclosed.

About Laki Power

Laki Power is a leading provider of high voltage surveillance technology, real-time monitoring and analytics for transmission systems that transform the way line monitoring takes place for transmission system operators (TSOs) and distribution system operators (DSOs). Laki Power’s 24/7 real-time technology gives a complete picture of line performance and activity, dramatically enhancing the ability of TSOs and DSOs to optimise performance, reduce costs, increase safety and security, and improve resilience. Powered by a unique current harvesting system that sits directly on the phase wire, Laki Power’s technology provides continuous monitoring, enabling real-time insight into line health for customers at a fraction of the cost of existing solutions.

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Bjorgvin Sigurdsson

CEO, Laki Power