BluWave-ai, an Ottawa, Canada-based renewable energy and electric transportation company, raised $9.5M in Series A funding.
The round was led by PowerON Energy Solutions, with participation from Capital Angels Network.
The company intends to use the funds for commercial scale-out, new customer acquisition, growing staff to 60, and expansion in existing markets for grid optimization as well as the EV market.
Led by Devashish Paul, CEO and founder, BluWave-ai is focused on driving the proliferation of renewable energy and electric transportation worldwide. Its solutions apply artificial intelligence (AI) cloud software to optimize the cost, carbon footprint, and reliability of different energy sources, both renewable and non-renewable, in real time. This lets customers – utilities, fleet operators and electricity system operators – improve their energy-related decision-making in planning and in live systems to decrease costs and carbon footprint.
BluWave-ai has also received a $1.73M grant through the Government of Canada investment through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) which was previously announced in November 2022.
FinSMEs
15/02/2023