Ogre AI, the Romanian-British energy tech startup focused on data science and specializing in providing AI-based forecasting solutions for the energy sector, announced that it closed a new investment round of EUR 3 million. VERBUND X Ventures, the corporate venture capital arm of the Austrian electricity supplier VERBUND, led the round, while other investors such as Early Game Ventures, Soulmates Ventures, MMC VC Fund, and Sofia Angels Ventures also participated.

The new funding round will help Ogre AI to further expand its technological capabilities and strengthen its market presence.

“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,” said Michael Strugl, CEO of VERBUND.

Matei Stratan, founder and CEO of Ogre AI, stated: “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 in the technologies used to enhance grid efficiency and sustainability.”

Ogre AI is an innovative startup in the field of energy forecasting that specializes in developing state-of-the-art AI-based solutions for predicting energy generation and demand. Its main product, the Ogre forecasting system, relies on advanced proprietary ML pipelines and algorithms to manage the unpredictability of renewable energy sources such as solar and wind power, as well as the shifts in demand patterns.

The collaboration between Ogre AI and VERBUND aims first to optimize the predictions for energy demand at VERBUND’s EV charging stations network.

Founded in 2021, Ogre AI’s business portfolio now includes clients such as Enel, CEZ, Engie, PPC, Alliander, and E.ON. The company is already working in 6 countries within Europe and has several opportunities for expansion to other continents.

Ogre AI has raised more than EUR 6 million in funding since its inception.

irina.marica@romania-insider.com

(Photo source: the company)