23rd Feb 2022

OgreAI raises €2 million Seed

OgreAI, the data science company specialising in machine learning and artificial intelligence solutions for the energy sector, has announced a €2 million seed round.

The energy industry is at the edge of a new dawn, with its future challenged by a multitude of factors and leading to a spectacular sector transformation. Regulatory driven transition from fossil fuels to renewables, e-mobility, prosumer growth and volatility in the energy prices and markets are now reshaping the industry and adding pressure on the market participants. As digitalisation already became a key success factor for these companies, leveraging machine learning and artificial intelligence becomes compulsory in order to meet operational excellence and mitigate risk.

OgreAI works with its partners on forecasting generation, consumption, network / grid losses, thefts and anomalies. The team is also on its way to building an innovative price forecast system that will aid with decision making in grid management and trading.

“To reach the global climate goals, the world will need to significantly accelerate investment in the energy transition. We are thrilled to back an incredibly talented team building the next generation forecasting products needed to manage the increasingly volatile global energy markets. Ogre AI’s technology enables unparalleled risk management and operational efficiencies, releasing much needed capital for further investments in clean energy", said Andrei Dvornic, Principal, MMC Ventures.

"I am grateful to our investors and partners for making our incredible journey possible. For me, it is a privilege to lead and work alongside some of the brightest and most innovative minds of my generation. Our team’s goal is to scale our business globally", concluded Matei Stratan, CEO & Founder, Ogre AI.

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