Ogre AI, the data science company specializing in machine learning and artificial intelligence solutions for the energy sector, has announced a EUR 2 million seed round led by EGV, with the participation of the London-based VC fund MMC Ventures and international business angels.
The energy industry is at the edge of a new dawn, with its future challenged by a multitude of factors and leading to a spectacular sector transformation. Regulatory driven transition from fossil fuels to renewables, e-mobility, prosumer growth and volatility in the energy prices and markets are now reshaping the industry and adding pressure on the market participants. As digitalization already became a key success factor for these companies, leveraging machine learning and artificial intelligence becomes compulsory in order to meet operational excellence and mitigate risk.
Ogre AI works with its partners on forecasting generation, consumption, network / grid technical and commercial losses and anomalies. The team is also on its way to building an innovative price forecast system that will aid with decision making in grid management and trading.
“When we looked at Ogre AI we immediately jumped on board: the market opportunity is clear to us, the team is brilliant and able to execute, the technology is solid and scalable globally. We are happy to lead this first round and proud to contribute to building critical data infrastructure for the energy industry,” said Radu Stoicoviciu, Partner EGV.
“To reach the global climate goals, the world will need to significantly accelerate investment in the energy transition. We are thrilled to back an incredibly talented team building the next generation forecasting products needed to manage the increasingly volatile global energy markets. Ogre AI’s technology enables unparalleled risk management and operational efficiencies, releasing much needed capital for further investments in clean energy,” said Andrei Dvornic, Principal, MMC Ventures.
“I am grateful to our investors and partners for making our incredible journey possible. For me, it is a privilege to lead and work alongside some of the brightest and most innovative minds of my generation. Our team’s goal is to scale our business globally,” Matei Stratan, Ogre AI founder stated in his turn.
EGV is a venture capital firm funded mostly through the Competitiveness Operational Program 2014-2020, co-funded by the European Regional Development Fund.
MMC funds and helps scale technology companies that are transforming today’s markets. MMC has been backing transformative tech companies from the Seed and Series A stage since 2000. MMC commits to a deep understanding of each company’s underlying technology and business model to help make better decisions and be more effective partners.