Bucharest-based energy tech startup Ogre AI has secured €3 million in an investment round led by VERBUND X Ventures. This significant milestone marks a new chapter in the startup’s journey to revolutionize energy management through advanced AI technologies. Ogre AI shared the news via a Linkedin post.
About Ogre AI
-
Founded in 2021 by Matei Stratan and Mihai Cucuringu, Ogre AI is a Romanian-British energy tech startup focusing on the field of energy forecasting. It specializes in the development of state-of-the-art AI-based solutions for predicting energy generation and demand.
-
Its flagship product, the Ogre forecasting system, utilizes proprietary machine learning pipelines and algorithms to manage the predictability of renewable energy sources like solar and wind, along with changes in demand patterns.
-
The targeted industries of the company include gas, electricity, water and district heating.
Investment details
The round was led by VERBUND X Ventures, a fund by Austria's leading electricity company, and joined by Sofia Angels Ventures, a Bulgarian VC fund, and Soulmates Ventures, a Prague-based green investing VC firm. MMC Greater London Fund and Early Game Ventures, also participated in the financing.
“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,” Franz Zöchbauer, Managing Director at VERBUND X Venture, comments.
This fresh funding will help the company’s mission to deliver cutting-edge AI-powered forecasting solutions that optimize energy management, reduce costs, and enhance operational efficiency for its users.
AIN reminds our readers that in December 2023, Ogre AI has also secured €625k in funding from the Czech firm Soulmates Ventures.
