Rhizome, a Washington, DC-based provider of a climate resilience planning platform for the power grid, received a $1M investment from Convective Capital.
The company intends to use the funds to expand operations and its development efforts.
Led by CEO Mishal Thadani, and CTO Rahul Dubey, Rhizome provides an AI-powered software platform that helps utilities identify vulnerabilities from climate threats, quantify risk at high resolutions, and measure the economic and social benefits of grid-enhancing investments. By applying machine learning to a host of asset, geographic, and historical datasets, the platform enables granular insight to vulnerability on an asset-level, providing a high level of visibility to the likelihood a utility asset could ignite a wildfire. gridFIRM is available for all electric utilities in the U.S., Canada, and Australia, and is designed to help electric utilities integrate wildfire risk in utility planning and allow for more effective development of wildfire mitigation plans. The product was developed based on feedback from Rhizome’s utility customers in the Northeast, Pacific Northwest, and Texas.
Commenting on the news, Mishal Thadani said: “Now, with new forecasts predicting a hotter-than-usual summer across much of the U.S., addressing wildfire concerns has become a priority. It is critical for utilities to be able to quantify the risk of igniting wildfires and what cost-effective measures can move the needle to prevent disasters and save lives. Convective Capital has a keen understanding of the challenge and our vision for addressing it, and we are thankful that they chose to partner with us.”
FinSMEs
18/07/2024