Ogre AI, a Romanian-British energy tech startup focused on data science and specialized in providing AI-based forecasting solutions for the energy sector, has successfully closed a €3 million investment round.
The funding was led by VERBUND X Ventures, the corporate venture capital arm of Austrian electricity supplier VERBUND. Other investors included Early Game Ventures, Soulmates Ventures, MMC VC Fund, and Sofia Angels Ventures.
Investment to Boost Energy Tech Innovation
Michael Strugl, CEO of VERBUND, emphasized the strategic importance of this investment. “By making more precise predictions of energy generation and consumption, we can improve renewable energy integration and enhance operational efficiency. This is a crucial step in our strategy to promote technologies that support the transition to a more sustainable energy system.”
Matei Stratan, founder and CEO of Ogre AI, expressed excitement over the collaboration. “We are thrilled to partner with VERBUND to develop our technology and grow in new markets. Together, we aim to empower energy providers with cutting-edge AI solutions that optimize operations and contribute to the global renewable energy transition.”
AI Solutions for Renewable Energy Challenges
Ogre AI is known for its advanced AI-based forecasting system, designed to predict energy generation and demand with greater accuracy. The system’s machine learning pipelines manage the unpredictability of renewable energy sources like solar and wind while addressing shifting demand patterns. This technology enables energy operators to optimize their operations, reduce costs, and mitigate financial risks during the energy transition.
With the fresh funding, Ogre AI plans to expand its technological capabilities and strengthen its market presence. The partnership between VERBUND and Ogre AI began as part of the VERBUND X Accelerator program, where the startup impressed investors with its innovative solutions.
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