Ogre AI, a startup focused on data science and specializing in providing solutions for the energy sector, based on machine learning (ML) and artificial intelligence (AI), announces the completion of a round of investments worth two million euro, led by EGV, with the participation of the London venture capital fund MMC and international business angel investors.
”The energy industry is on the threshold of a new era, being already subjected to a multitude of challenges that determine a spectacular transformation of this sector. The transition, mainly influenced by legislative changes, brings many changes and puts pressure on market players. We are talking more and more about the transition from fossil fuels to renewable energy sources, e-mobility, increasing the impact of prosumers in this area and, more recently, the volatility of energy prices. At the same time, digitalisation has proven to be a key success factor for energy companies, and making the most of the potential of current technologies such as ML or AI is becoming mandatory to achieve operational excellence and reduce the risks of this transition,” company officials say.
Together with its partners, Ogre AI offers a technology that has the ability to predict power generation, consumption, technological and commercial losses in the network and various anomalies in the system. The Ogre AI team is also working on creating an innovative energy price forecasting system that will help make decisions based on concrete information, both at the level of energy network management and at the level of trading.
“When we evaluated Ogre AI we immediately decided to get involved: the market opportunity is clear to us, the team is extraordinary and able to execute the assumed business plan, the technology is solid and scalable globally. We are happy to lead this first round of funding and are proud to be able to contribute to building an essential data infrastructure for the energy industry,” says Radu Stoicoviciu, EGV Partner.
“In order to achieve global climate goals, the world will need to significantly accelerate investment in the energy transition. We are excited to support an incredibly talented team that is building the forecast products needed to manage the increasingly volatile global energy markets. Ogre AI technology brings remarkable improvements in risk management and operational efficiency in this area and thus allows organizations to invest more capital in clean energy”, says Andrei Dvornic, director of MMC Ventures.
Early Game Ventures (EGV) is a venture capital investment fund funded primarily by the Competitiveness Operational Program 2014-2020 and co-financed by the European Regional Development Fund.
MMC funds and helps technology companies that have the potential to transform today’s markets to scale their business. MMC has been supporting such seed or Serie A companies since 2000.
