BluWave-ai builds AI cloud software that optimizes the cost, carbon footprint and reliability of renewable and non-renewable energy in real time. Its platform helps utilities, fleet operators and electricity system operators improve planning and live-system energy decisions. The company targets grid optimization and the electric-vehicle market with solutions designed to decrease costs and emissions. Led by founder and CEO Devashish Paul, BluWave-ai plans to use new funding for commercial scale-out, new customer acquisition and expansion in existing markets. The company also intends to grow its staff to about 60 employees. BluWave-ai previously received a $1.73M government grant through FedDev Ontario announced in November 2022. BluWave-ai develops a machine-learning platform (BluWave-ai Edge and BluWave-ai Center) that connects to IoT sensors and meters to predict, optimize, and dispatch controls to balance cost, availability, and reliability of energy sources in real time. The platform trains models centrally in BluWave-ai Center and deploys them to BluWave-ai Edge for edge prediction and control. Since opening its seed round in Q2 2019 the company has secured utility and commercial customers on three continents, including an AI-enabled optimal energy dispatch in Prince Edward Island and a C$1 million energy optimization project with the Independent Electricity System Operator in Ontario. The startup has also run projects in Mumbai and partnered with Greencat Renewables in the U.K. BluWave-ai was founded in 2017 and is using the financing to expand internationally, build its patent portfolio, and begin a commercialization roadmap with multiple product releases. Financially, the company closed a C$3.9 million seed financing package that includes significant non-dilutive support; management cites customer traction, awards, product milestones, and financial outcomes as evidence of progress.

Total raised

$15M

Funding rounds

3

Latest round

Series A

Latest activity

Feb 2023