UK-based energy technology firm Open Energy Market has secured a £3m investment from private equity firm Calculus Capital.

Open Energy Market plans to use the funds to develop its online trading platform and hire staff.

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Open Energy Market was founded by Chris Maclean and Charles Lass in 2013, with an intent to address the inefficiencies associated with the energy brokering market.

Open Energy has designed a platform to streamline the procurement process to assist medium-large enterprises with the management of their energy contracts.

“In an age where technology has helped streamline most business operations, it still amazes us how antiquated and manual our industry is.”

According to the UK’s Office of Gas and Electricity Markets (Ofgem), the corporate energy market annually contracts £20bn and 85% are bought using an energy broker.

Open Energy Market founder and CEO Chris Maclean said: “The market was crying out for innovation that could help large businesses better manage the confusing, convoluted and inefficient processes associated with energy procurement.

“In an age where technology has helped streamline most business operations, it still amazes us how antiquated and manual our industry is.

“Our platform uses technical automation to cut through the complex market processes, alleviating many of the pain points that energy buyers face and ensuring their route to market is as efficient and as informative as possible.”