Ogre AI, a Romanian-British energy tech startup, has successfully raised €3 million in a funding round led by VERBUND X Ventures, with participation from Early Game Ventures, MMC VC Fund, Soulmates Ventures, and Sofia Angels Ventures. Founded in 2021 by Matei Stratan and Mihai Cucuringu, the company specializes in AI-based solutions for predicting renewable energy generation and demand. The new funding will allow the startup to expand its technological capabilities and bolster its market presence as it contributes to the global transition to renewable energy.
AI at the Forefront of Energy Forecasting
With the world rapidly shifting towards renewable energy, the need for accurate energy forecasting is more pressing than ever. According to a 2023 report by global energy think tank Ember, 30% of global electricity was generated from renewable sources, such as wind and solar power. Ogre AI’s flagship product, the Ogre forecasting system, offers a solution to the unpredictability of these renewable energy sources. Using proprietary machine learning pipelines and algorithms, the system can accurately predict the fluctuations in solar and wind energy production as well as changing demand patterns. This allows energy providers to balance supply and demand more efficiently.
The industries that will benefit from Ogre AI’s technology include gas, electricity, water, and district heating. By optimizing energy distribution and production, the company aims to contribute to a more sustainable energy infrastructure.
A Key Solution for the Energy Industry
The importance of Ogre AI’s technology was highlighted by Franz Zöchbauer, Managing Director at VERBUND X Ventures, who stated, “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.”
The company’s solutions are expected to play a pivotal role in improving grid efficiency and enhancing the sustainability of energy networks around the world.
Expanding to New Markets
With the fresh €3 million investment, Ogre AI is set to further develop its AI solutions and expand into new markets. Speaking about the future, Matei Stratan, CEO of Ogre AI, expressed his excitement for the partnership with VERBUND: “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.”
By continuing to develop cutting-edge AI solutions, Ogre AI aims to help energy providers around the world optimize their operations and contribute to the global transition towards a cleaner, more sustainable energy future.
As the world increasingly relies on renewable energy sources, companies like Ogre AI are at the forefront of ensuring the energy sector can manage this transition effectively.
