AiDash, a San Jose, CA-based provider of satellite and AI-powered operations, maintenance, and sustainability solutions, announced that it secured a $10 million strategic investment.
The investment was from SE Ventures, a Silicon Valley-based global venture fund backed by Schneider Electric, the leader in the digital transformation of energy management and automation.
The capital will drive climate resilience for utility assets by enhancing its satellite- and AI-powered vertical SaaS products, including Intelligent Vegetation Management System, an Intelligent Sustainability Management System, and a Disaster and Disruption Management System.
The latest financing will be used to further enhance the research and development of AiDash’s products, hire new talent, and expand to additional global markets.
“Vegetation is the biggest cause of power outages and one of the most critical factors for grid resilience,” said Abhishek Singh, co-founder and CEO of AiDash. “Schneider Electric has a very robust portfolio of solutions related to grid resiliency, and we see particularly strong synergy with their EcoStruxure Grid Asset Advisor offer. The strategic fit was so great that we didn’t want to wait until our Series C round – planned for 2023 – to work with Schneider Electric. Together, we’re even stronger on our mission to modernize electric grids, prevent and minimize natural disaster damage, and fight climate change through AI and satellite technology.”
In less than 12 months, AiDash has seen nearly 3X growth in annual recurring revenue (ARR) year-over-year. The company has doubled its employee headcount and customer base, reaching over 75 utilities as customers in 2022, including Fortune 500 companies.
AiDash continues its mission to help customers tackle disaster management issues while maintaining sustainability.
Company: AiDash Inc
Raised: $10.0M
Round: Strategic Investment
Funding Month: November 2022
Lead Investors: SE Ventures
Additional Investors:
Company Website: https://www.aidash.com/
Software Category: Satellite and AI-powered Operations, Maintenance, and Sustainability Solutions
About the Company: AiDash is an AI-first vertical SaaS company on a mission to transform operations, maintenance, and sustainability in industries with geographically distributed assets by using satellites and AI at scale. With access to a continual, near real-time stream of critical data, utilities, energy, mining, and other core industries can make more informed decisions and build optimized long-term plans, all while reducing costs, improving reliability, and achieving sustainability goals. AiDash’s Disaster and Disruption Management System (DDMS) forecasts storm and wildfire outages and damages to plan quickly and restore safely for utilities, energy companies, governments, and cities. AiDash’s other products, including the Intelligent Vegetation Management System (IVMS), are used to help core industries become more resilient, efficient, and sustainable, while DDMS is for emergency management at scale.
Source: https://www.aidash.com/news/aidash-secures-strategic-investment-from-se-ventures/