Israeli startup Grid4C, a smart grid predictive analytics provider, announced Monday that it raised $5 million from a group of investors led by ICV, a venture capital firm focused on industrial technology, with participation from French energy giant ENGIE, iAngels, and AxessVentures.
Founded in 2013, Grid4C analyzes reams of data “collected from millions of smart meters and IoT [devices], and together with customer data, pricing information and more, delivers new revenue streams, enhances customer value, improves the efficiency of energy operations, and maximizes profit.” The solutions are for energy providers and consumers.
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“We are honored to be represented by such strategic players in the global energy industry” Grid4C founder and CEO Dr. Noa Ruschin-Rimini, said in a statement. “Grid4C is deployed in a wide range of electricity markets, providing plug-and-play solutions to analyze the massive amounts of sub-hourly data…”
The new investment, she added, “is another sign of the industry’s recognition of Grid4C’s market-leading AI and machine-learning based software solutions to address both grid-side and consumer-side challenges utilities are facing on a worldwide scale.”
Meir Ukeles, founder and partner at ICV, said “Grid4C’s AI and Machine Learning edge and unique capabilities will continue to disrupt the energy industry on a worldwide scale, as we see happening with AI in other industries.”
Grid4C says it will use the funds to broaden its AI capabilities and expand.