The Lund-based investment fund Mist Ventures co-founders Michal Scala and Magnus Midholt, have announced that they are expanding their portfolio into the smart grid area by investing in Okto, a Copenhagen-based startup.

Intending to support an early-stage investment in deep-tech companies that have unique technologies, Mist Ventures launched in 2019 after the founders successful exit at Mistbase. They have now made an investment in Okto, that has developed an IoT solution. This solution will help to update and to digitalize existing grid assets using real-time grid intelligence technology that enables smart grid monitoring with non-invasive retrofitting.

“…Okto’s business is very close to what we did in Mistbase. Magnus and I had thought it would be fun to enter the industry again, perhaps with our own project, so we invested into Okto now that we more or less stumbled across the opportunity,” says Michal Stala to Rapidus.

Rapidus reported that Okto successfully raised in total € 700.000 (SEK 7 M), with a syndicate of co-investors joining Mist Ventures and also loans from Danish Vaekstfonden.