BluWave-ai, an Ottawa, Canada-based renewable energy and electric transportation company, announced that it completed $9.5 million in Series A funding.
PowerON Energy Solutions, an Ontario Power Generation subsidiary, has made a strategic investment and acquired a minority stake alongside existing and new private investors led by Capital Angels Network.
The funds raised in this round will be used to expand the company's Grid Optimization solution, which includes the EV Fleet Orchestrator product line for EV Fleet operators and the EV Everywhere product line for utilities dealing with the onslaught of personal EVs as well as electricity grid congestion and upgrades challenges.
The proceeds from this round will also be used for commercial scale-out, new customer acquisition, increasing staff to 60, and expanding existing markets for grid optimization and the EV market.
“BluWave-ai started its journey in 2017 and was built from the ground up to apply supercomputing and AI to the decarbonization of electricity on the plant. Over the last 5 years, we have won many international awards, completed 16 USPTO filings and deployed our products on three continents with recurring revenues,” said Devashish Paul, CEO and founder of BluWave-ai, “We built our grid optimization platform to deal with solar, wind, grid connections, weather, real time market pricing, grid carbon content and utility scale battery storage, but now EVs represent the biggest type of variable storage on the grid side, while representing an asset to absorb fluctuating renewables while decarbonizing road miles. Our Series A round is to grow the EV side of our business as it hits prime time during this next growth phase of the company.”
With the funding, James Brewer (VP, New Growth & Business Development at OPG) has joined the BluWave-ai Board of Directors.
As a result of the financing, the company now has more than 30 months of runway with cash on hand and contracts signed to date, allowing for product expansion to service key customers in the market.
Company: BluWave-ai, Inc.
Round: Series A
Funding Month: February 2023
Lead Investors: PowerON Energy Solutions
Additional Investors: Capital Angels Network
Company Website: https://www.bluwave-ai.com/
Software Category: Renewable Energy and Electric Transportation
About the Company: BluWave-ai is focused on driving the proliferation of renewable energy and electric transportation worldwide. Its solutions apply artificial intelligence (AI) cloud software to optimize the cost, carbon footprint, and reliability of different energy sources, both renewable and non-renewable, in real-time. The company works with electricity utilities, enterprises, electric fleet operators, large campuses, government operations, net zero communities, and remote/off-grid clients around the globe to make their hardware investments smarter with its AI-enabled SaaS software. The goal of BluWave-ai is to drive the transition from a centralized, carbon-based energy model to the point where clean energy can be produced by almost anyone, anywhere, aided by advanced real-time computing to optimize its generation and use.