Smart energy start-up raises $1m in pre-seed round
December 11, 2018
Ottawa-based smart energy start-up BluWave-ai has raised more than $1m from several international angel investors and institutional investors, including the Ecofuel Fund, as part of a pre-seed round.
This will let the company implement its strategy of optimising energy efficiency in smart grids using artificial intelligence.
BluWave-ai has also been selected by the Ecofuel Accelerator as part of its autumn 2018 cohort. Ecofuel helps promising Canadian start-ups on a path to large scale-out and GHG emissions reductions to mature their business on all fronts from technical, IP protection, market, sales channels and corporate management.
“BluWave-ai’s disruptive technology and lead customer execution in the renewable energy market is something that has attracted numerous investors and we’re happy to collaborate with the management team to expand its renewable energy AI software nationally and globally,” said Richard Cloutier, CEO of the Ecofuel Accelerator.
The participation of Ecofuel also includes Johanne Sevigny, managing partner of the Ecofuel Fund, joining the team on a board observer seat to assist company executives on the path to closing a target $2m seed round. This will propel the company towards a global scale-out with its promising patent filed technology post series A.
“Over the last year, BluWave-ai has built strong customer traction having signed agreements with Canadian energy providers such as Hydro Ottawa, the city of Summerside and Tugliq Energy,” said Devashish Paul, CEO of BluWave-ai. “We have also secured an agreement with one of the largest utilities in the Indian market. In addition, the team has filed four USTPO patents and has advanced its full vertical stack energy AI products. Ecofuel powered by Cycle Capital are experts at scaling businesses in the global cleantech market. We are excited to leverage their experience to grow our company and surpass the one million pre-seed threshold.”
BluWave-ai’s distributed AI-based software optimises the operation of smart grids and microgrids. It uses real-time and archived data to perform accurate predictions of loads and renewable generation output, sending signals and actions to manage grid resources.
It consists of components at the edge and cloud data centre, which can be licensed with a SaaS model. BluWave-ai Edge is installed at the aggregation points of IoT sensors, meters and other sources of data. BluWave-ai Center machine learning runs in either the private data centre or public cloud, securely collecting data from edge nodes to train AI models and coordinate functions between multiple edge locations.
Machine learning and statistical techniques discover patterns in data, performing predictive analysis and pattern recognition in real time. AI models include wind, solar, battery state-of-charge, load and energy market pricing.
BluWave-ai was founded to optimise renewable energy usage with AI in smart grids and microgrids. It is using its expertise in big data, AI, supercomputing and distributed edge computing to impact how the planet uses clean renewable energy sources. Products manage loads and distributed clean energy sources in real time to make optimal allocations. They ingest large data sets, apply AI and optimise system decisions in energy and pricing contexts.
The technical team consists of industry leaders in distributed computing, smart grids, artificial intelligence and data science.
Ecofuel is a venture capital fund and a specialised and personalised accelerator dedicated to the cleantech start-ups.