Grid4C, a provider of artificial intelligence (AI) and machine learning solutions for the energy industry, has raised $5M investment from a group of investors in a new financing round.
The investment was led by ICV, a venture capital firm focused on industrial technology, backed by French energy giant ENGIE and other leading utilities in Europe and in Asia. Other investors include iAngels and AxessVentures.
Ranked the #1 Predictive Analytics Solution for Utilities by GTM Research, Grid4C is working with the leading utilities on four continents, delivering billions of predictions for millions of smart meters every day.
The company’s analytics solutions leverage a prowess in AI and data science to provide utilities with granular predictions and actionable insights for their operations and customer-facing applications.
Grid4C’s award winning SaaS solutions use smart meter and IoT data to model each meter and endpoint and predict its individual behavior.
The models automatically disaggregate and predict usage for appliances behind the meter and are aggregated to deliver predictions for grid assets.
By building predictions from the most granular level up, the core technology drives applications ranging from granular load forecasting and distributed energy resources optimization, to the prediction, detection, and diagnostics of faults and inefficiencies for grid assets and home appliances. The company’s solutions improve operational planning, reduce peak demand, increase energy savings, deliver new revenue streams, and increase customer engagement.
Grid4C is currently working with the leading smart meter vendors to embed its algorithms inside smart meters, at the edge of the grid, where the data is more granular and available in real time.
Grid4C founder and CEO Noa Ruschin-Rimini said: “We are honored to be represented by such strategic players in the global energy industry.
“This is another sign of the industry’s recognition of Grid4C’s market-leading AI and Machine-Learning based software solutions to address both grid-side and consumer-side challenges utilities are facing on a worldwide scale.
“Grid4C is deployed in a wide range of electricity markets, providing plug-and-play solutions to analyze the massive amounts of sub-hourly data collected from millions of smart meters and IoT data, and together with customer data, pricing information and more, produces billions of predictions for utilities’ operational and customer systems every day to better balance supply and demand, engage customers and increase profits.”
ICV founder and partner Meir Ukeles said: “We believe Grid4C’s AI and Machine Learning edge and unique capabilities will continue to disrupt the energy industry on a worldwide scale, as we see happening with AI in other industries.”
This funding round provides the capital to extend the global reach of Grid4C’s AI solutions. It will also be used to broaden Grid4C’s AI capabilities at the grid edge, extend the current product portfolio, and deepen its unique AI capabilities as more IoT data becomes available.
Source: Company Press Release