Israeli start-up Grid4C, which develops machine-learning based artificial learning software solutions for power producers and providers, announced yesterday that it had raised $1.5 million from Israel Cleantech Ventures ICV, which currently manages $150 million.
Grid4C was founded in 2013 by Dr. Noa Ruschin-Rimini with the aim of answering to the new challenges facing power producers and providers. Grid4C’s systems are based on machine-learning algorithms, which analyze the massive amounts of data coming from smart electric meters, along with weather data, electricity prices, customer information, and more. This data is meant to maximize operating efficiency, command and control, and to provide added value for consumers.
ICV partner Meir Ukeles said, “The rules of the game in the global energy market have changed. Instead of there being one-directional energy flow in the network - from power producers to consumers - today, due to increased use of renewable energy, a situation has been created in which the flow of energy is multi-directional, from every point to every other point in the network. The result is a complicated challenge in balancing supply and demand of electricity, and difficulty in projecting consumption. Add to this the process of deregulation in the energy market, which increases the need for power producers and providers to get closer to their customers, to offer them services with added value, to offer personalized prices and streamlining programs, and to prevent churn, and we get a market that is undergoing a revolution and needs innovative solutions.”
Grid4C’s customers include private power plants in Israel, and power producers in the US and Europe.
Published by Globes [online], Israel business news - www.globes-online.com - on December 1, 2014
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