Israeli startup Grid4C, which is developing AI and Machine Learning solutions for the energy industry, announced today that it has raised a $5 million financing round from a group of strategic investors. 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, together with other investors including iAngels and AxessVentures.
Grid4C works with utilities worldwide, delivering billions of predictions for millions of smart meters every day. The company’s analytics solutions leverages AI and data science to provide utilities with predictions and actionable insights for their operations and customer-facing applications.
Grid4C’s 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 working with 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 Dr. 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".
This funding round provides the capital to extend the global reach of Grid4C's' AI solutions and 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 Internet-of-Things data becomes available.
Published by Globes [online], Israel business news - en.globes.co.il - on November 5, 2018
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