Ogre AI, a Romanian-British energy tech startup focused on data science and specialized in providing AI-based forecasting solutions for the energy sector, recently closed a new investment round of €3 million.
VERBUND X Ventures, the corporate venture capital arm of the Austrian main electricity supplier VERBUND, led the round and other investors including well-known partners such as Early Game Ventures, Soulmates Ventures, MMC VC Fund and Sofia Angels Ventures also participated.
“With our investment in Ogre AI, we are investing in a pioneering technology that has the potential to further develop the energy industry. By making more precise predictions of energy generation and consumption, we can not only improve the integration of renewable energies, but also significantly increase the operational efficiency of our networks. This is a further step in our strategy to promote innovative technologies that support the transition to a more sustainable energy system,” said Michael Strugl, CEO of VERBUND, about the recent investment.
“We are thrilled to partner with VERBUND to further develop our technology and grow our business in new markets. We are confident that this collaboration will drive significant advancements in our business, including on the technologies to enhance grid efficiency and sustainability. Together, we aim to empower energy providers with cutting-edge AI solutions that not only optimize operations but also contribute to the global transition towards renewable energy,” added Matei Stratan, founder and CEO of Ogre AI.
Ogre AI is an innovative startup in the field of energy forecasting that specializes in the development of state-of-the-art AI-based solutions for predicting energy generation and demand. Its main product, the Ogre forecasting system, relies on advanced proprietary ML pipelines and algorithms to manage the unpredictability of renewable energy sources such as solar and wind power, as well as the shifts in demand patterns. This enables energy operators to optimize their business, reduce costs, mitigate financial risks and better meet the challenges of the energy transition.
“Ogre AI offers an important solution to a central problem in the energy industry – the prediction of volatile renewable energies and load-oriented demand. The combination of technical expertise and practical applicability makes this company a valuable partner for our future endeavors,” explained Franz Zöchbauer, Managing Director at VERBUND X Ventures.
With the current financing round, Ogre AI plans to further expand its technological capabilities and strengthen its market presence. The partnership between VERBUND and Ogre AI began as part of the VERBUND X Accelerator program 2023/24, where Ogre AI impressed with its innovative strength.
Read the orginal article: https://www.eu-startups.com/2024/09/london-based-energy-tech-ogre-ai-bags-e3-million-to-enhance-grid-efficiency/
