BluWave-ai, an Ottawa-based renewable energy usage software platform, has raised more than $1 million in a pre-seed financing.
Angel and institutional investors backed the round. They included Ecofuel Fund, a seed fund affiliated with Canadian clean technology venture capital firm Cycle Capital Management.
Founded last year by CEO Devashish Paul, BluWave-ai’s technology uses artificial intelligence to enhance renewable energy usage in smart grids for electric utilities.
The startup, which is part of Ecofuel Accelerator‘s fall 2018 cohort, is planning to raise a seed round targeted at $2 million.
Photo: Devashish Paul, founder and CEO of BluWave-ai.
BluWave-ai Surpasses $1M in Pre-Seed Round Including Investment from Ecofuel Fund
Joins Ecofuel Accelerator’s Fall 2018 Cohort as one of Canada’s leading renewable energy focused artificial intelligence start-ups
OTTAWA & MONTREAL, Canada – November 27, 2018 – BluWave-ai announces that it 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 enable BluWave-ai to implement its visionary strategy of optimizing energy efficiency in smartgrids using artificial intelligence. BluWave-ai has also been selected by the Ecofuel Accelerator as part of their Fall 2018 Cohort. Ecofuel enables some of the most promising Canadian start-ups with a path to large scale-out and significant GHG Emissions reductions to mature their business on all fronts from technical, IP protection, market, sales channels, and corporate management to excel in global markets.
“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, President and CEO of the Ecofuel Accelerator and Managing Partner of the Ecofuel Fund.
“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 Corporation. 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,” said Devashish Paul, CEO BluWave-ai, “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.”
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.
BluWave-ai’s distributed AI-based software optimizes the operation of smart grids and microgrids. It uses both real-time and archived data to perform accurate predictions of loads and renewable generation output, sendin signals, and actions to optimally manage grid resources.
BluWave-ai’s solution consists of components at the edge and cloud data center 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 center or public cloud, securely collecting data from Edge nodes to train AI models and coordinate functions between multiple BluWave-ai Edge locations. It includes an ensemble of machine learning and statistical techniques that 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 optimize renewable energy usage with Artificial Intelligence (AI) in smart grids and microgrids. We are using our expertise in big data, AI, supercomputing, and distributed edge computing to positively impact how our planet uses clean renewable energy sources. BluWave-ai’s products manage loads and distributed clean energy sources in real-time to make optimal allocations. BluWave-ai ingests large data sets, applies AI, and optimizes system decisions in both energy and pricing contexts. BluWave-ai’s leadership and technical team consists of industry leaders in distributed computing, smart grids, artificial intelligence, and data science who are working together to make a greener future for our customers.
Ecofuel is a venture capital fund and a specialized and personalized accelerator dedicated to the cleantech startups. Ecofuel, powered by Cycle Capital, works with entrepreneurs to help build globally competitive companies. Ecofuel Fund invests smart money in seed stage startups that develop and commercializes clean technologies while the Ecofuel Accelerator offers entrepreneurs a specialized and personalized program of training workshops, networking sessions, an experienced mentor ecosystem. In addition to the funding provided by the Government of Quebec, the Ecofuel Accelerator benefits from the collaboration of Transition énergétique Québec, Écotech Québec and Innovacorp.
Contact for BluWave-ai
Media Contact for Ecofuel
Catherine Berube: [email protected]/+1-514-629-1022