Business Forum • 11 September, 2024 at 10:55 AM
Ogre AI, the Romanian-British energy tech startup focused on data science and specialized in providing AI-based forecasting solutions for the energy sector, recently closed a new investment round of €3 million. VERBUND X Ventures, the corporate venture capital arm of the Austrian main electricity supplier VERBUND, lead the round and other investors including well-known partners such as Early Game Ventures, Soulmates Ventures, MMC VC Fund and Sofia Angels Ventures also participated.
"With our investment in Ogre AI, we are investing in a pioneering technology that has the potential to further develop the energy industry. By making more precise predictions of energy generation and consumption, we can not only improve the integration of renewable energies, but also significantly increase the operational efficiency of our networks. This is a further step in our strategy to promote innovative technologies that support the transition to a more sustainable energy system," says Michael Strugl, CEO of VERBUND, about the recent investment.
“We are thrilled to partner with VERBUND to further develop our technology and grow our business in new markets. We are confident that this collaboration will drive significant advancements in our business, including on the technologies to enhance grid efficiency and sustainability. Together, we aim to empower energy providers with cutting-edge AI solutions that not only optimize operations but also contribute to the global transition towards renewable energy,” says Matei Stratan, founder and CEO of Ogre AI.
Ogre AI - Advanced energy forecasting for a sustainable future
Ogre AI is an innovative startup in the field of energy forecasting that specializes in the development of state-of-the-art AI-based solutions for predicting energy generation and demand. Its main product, the Ogre forecasting system, relies on advanced proprietary ML pipelines and algorithms to manage the unpredictability of renewable energy sources such as solar and wind power, as well as the shifts in demand patterns. This enables energy operators to optimize their business, reduce costs, mitigate financial risks and better meet the challenges of the energy transition.
"Ogre AI offers an important solution to a central problem in the energy industry - the prediction of volatile renewable energies and load-oriented demand. The combination of technical expertise and practical applicability makes this company a valuable partner for our future endeavors," explains Franz Zöchbauer, Managing Director at VERBUND X Ventures.
With the current financing round, Ogre AI plans to further expand its technological capabilities and strengthen its market presence.
The partnership between VERBUND and Ogre AI began as part of the VERBUND X Accelerator program 2023/24, where Ogre AI impressed with its innovative strength. The collaboration between Ogre AI and VERBUND aims in the first step to optimize the predictions for energy demand at VERBUND's EV charging stations network. Ogre AI brings advanced data analysis tools and predictive modeling capabilities that lead to more accurate forecasts and increased operational efficiency. This partnership is particularly important for the energy transition as it helps to overcome the challenges of predicting fluctuating renewable energy and shifting demand patterns, thus improving the integration of renewable energy and new technologies into the energy system.
For VERBUND, this investment represents a strategic expansion of its activities in the field of smart energy solutions in order to make the best possible use of the challenges and opportunities of the energy transition.
Ogre AI is known for being present in Great Britain, Romania and Greece and former winner of the Best StartUp award at the CEE Startup Challenge competition organized by Vestbee. Ogre AI raised more than €6 million in funding since its inception.
Founded in 2021, Ogre AI's business portfolio now includes clients such as Enel, CEZ, Engie, PPC, Alliander and E.ON. The company is already working in 6 countries within Europe and has several opportunities for expansion to other continents.