Romanian-British energy tech startup Ogre AI, which specializes in data science and AI-based forecasting solutions for the energy sector, has secured €3 million to strengthen its market presence and expand its technological capabilities, as Vestbee was told.
- Founded in 2021 by Matei Stratan, Ogre AI creates AI solutions for forecasting energy generation and demand. By leveraging machine learning, the system addresses the unpredictability of renewable energy sources like solar and wind while adapting to changing demand patterns. This helps energy operators optimize operations, cut costs, reduce financial risks, and manage the energy transition more effectively.
- Operating in six European countries, Ogre AI serves major clients such as Enel, CEZ, Engie, PPC, Alliander, and E.ON. In 2023, the company won the inaugural CEE Startup Challenge by Vestbee, the largest online competition in Central and Eastern Europe, providing top startups with the opportunity for global recognition and funding.
Details of the deal
- The investment was led by VERBUND X Ventures, the corporate venture capital arm of the Austrian main electricity supplier VERBUND.
"With our investment in Ogre AI, we are investing in a pioneering technology that has the potential to further develop the energy industry. By making more precise predictions of energy generation and consumption, we can not only improve the integration of renewable energies but also significantly increase the operational efficiency of our networks," CEO of VERBUND, Michael Strugl, stated in a press release.
- Early Game Ventures, a Bucharest-based venture capital firm that recently launched its €60 million Fund II to invest in startups across the CEE region, Prague-based VC Soulmates Ventures, London-based VC MMC VC Fund, and Sofia Angels Ventures also participated in the round.
- With the fresh capital, Ogre AI aims to enhance its technological capabilities and market presence.
“We are thrilled to partner with VERBUND to further develop our technology and grow our business in new markets. Together, we aim to empower energy providers with cutting-edge AI solutions that not only optimize operations but also contribute to the global transition towards renewable energy,” Founder and CEO of Ogre AI, Matei Stratan, commented in a statement.
