Participated · Series C · Apr 2024

AiDash provides full-stack SaaS solutions that combine satellites and AI to help critical infrastructure industries become climate-resilient and more sustainable. Its products serve customers in electric, gas, and water utilities, transportation, and construction by transforming asset inspection and maintenance. The company also helps customers comply with biodiversity net gain mandates and carbon capture goals. AiDash states customers deliver ROI in their first year of deployment through reduced costs, improved reliability, and achieved sustainability goals. The company is preparing to scale globally and execute on its growth ambitions following its recent raise. Financially, AiDash has raised a total of $91.5 million to date after closing an oversubscribed Series C at $58.5 million. AiDash provides satellite- and AI-powered vertical SaaS products for operations, maintenance, and sustainability, targeting utilities, energy, mining, and other industries with distributed assets. Its product suite includes an Intelligent Vegetation Management System, an Intelligent Sustainability Management System, and a Disaster and Disruption Management System (DDMS) that forecasts storm and wildfire outages and damages in near real-time. DDMS supports planning, response, and restoration for utilities, energy companies, governments, and cities before, during, and after extreme events. The company says the recent capital will be used to enhance product capabilities, accelerate R&D, hire new talent, and expand into additional global markets. AiDash reported nearly 3X year-over-year annual recurring revenue growth within 12 months, doubled headcount and customer base, and reached over 75 utility customers in 2022, including Fortune 500 companies. The company is positioning its technology to modernize electric grids, reduce vegetation-driven outages, and integrate with Schneider Electric’s EcoStruxure Grid Asset Advisor to drive grid resilience and sustainability. AiDash is an AI-first vertical SaaS provider that uses high-resolution multispectral and SAR satellite data fed into proprietary AI models to automate operations, maintenance, and sustainability for industries with geographically distributed assets. Its flagship Intelligent Vegetation Management System (IVMS) combines hi-res multispectral imagery and ground data to automate vegetation management for large utilities, with aims such as preventing wildfires and reducing storm damage. The company serves utilities, energy, transportation, water and wastewater, mining, and construction customers and now counts over 30 customers across the U.S., U.K., and Canada. In the past year AiDash grew customer count sixfold, annual recurring revenue fivefold, and headcount fivefold; it signed its first customer in early 2020. AiDash plans to use new capital to expand IVMS and other product offerings, accelerate product innovation, hire talent, and expand globally across North America, the U.K., and Europe. The company positions IVMS as the only proven satellite-powered vegetation management system and emphasizes multi-source data and workflow automation to help utilities meet stricter green regulations and improve disaster management. AiDash uses high-resolution multispectral and SAR satellite imagery combined with proprietary AI models to deliver satellite-powered operations and maintenance solutions for utilities, energy, and other industries with geographically distributed assets. Its applications focus on Vegetation Management, Remote Monitoring & Survey, and Disaster and Disruptions Management, and the company says its Intelligent Vegetation Management System is the world’s only satellite-powered vegetation management system deployed at scale for large utilities. AiDash works with several Fortune 500 utilities in the United States. The company is based in the San Francisco Bay Area (Santa Clara, Calif.) and plans to expand operations into Europe, Australia and Asia. AiDash raised $6 million in a Series A funding round and will use the proceeds to boost product innovation, hire new talent and support global expansion. The founding team are described as serial entrepreneurs and IIT alumni with prior exits and experience running Tier-1 VC-funded companies, and two investors’ representatives will join the board.

Participated · Series D · Jul 2022

SOURCE Global develops and sells SOURCE® Hydropanels, a solar-powered, air-to-water technology that creates mineralized drinking water from sunlight and ambient air. The Hydropanel system is programmable, distributed, infrastructure-free, and fully digitized, operating off-grid with built-in sensors and cloud-based 24-hour monitoring. Panels scale from small arrays to multi-thousand-panel water farms serving communities, businesses, and sustainable bottling operations, and function in a variety of climates including low-humidity locations. SOURCE says its technology addresses large unmet need for climate-resilient, sustainable drinking water and aims to reduce the impacts of extracting, treating, bottling, and transporting water. The company operates in more than 50 countries and is a public benefit corporation headquartered in Scottsdale, Arizona. SOURCE plans to further scale its commercial, community, and consumer offerings globally and to accelerate innovation in advanced renewable water technologies. Zero Mass Water develops SOURCE Hydropanels that create safe, mineralized drinking water from sunlight and atmospheric moisture. The solar-powered panels ozonate and store purified water and can be deployed in arrays from single-residence to community-scale installations. SOURCE systems are already installed in 45 countries. The company plans to scale global installations and launch direct-to-consumer initiatives, including residential panel installations beyond North America. The recent financing will be used to accelerate innovation and advanced renewable water technologies. Zero Mass Water is headquartered in Scottsdale, Arizona.

Participated · Series B · Nov 2012

General Compression develops a proprietary fuel-free compressed air energy storage system called GCAES™. Founded in 2006 and based in Massachusetts, the company is led by CEO Eric Ingersoll. It has closed the final tranche of a $60M Series B financing. The company intends to use the capital for technology commercialization and project development activities. GC’s first utility-scale project is under development in Texas and will integrate a wind turbine with its GCAES technology and a salt cavern to store intermittent wind generation for on-demand use. The project will serve as a demonstration of the system’s dispatchable wind and storage capabilities. General Compression develops utility-scale renewable power projects built around a proprietary compressed-air energy storage system that stores intermittent wind energy as high-pressure air in underground geologic formations. Its technology enables dispatchable wind farms that can deliver renewable electricity to customers on demand. The company has closed the first tranche of a $54.5M Series B financing. It plans to use the funds to enhance manufacturing capacity and to build a pipeline of projects. The firm's first project is under construction in Texas with project partner and investor ConocoPhillips. General Compression develops a patent-pending GCAES™ compressed-air energy storage system designed to generate electricity without burning fuel. The company completed commissioning and successful testing of a 30kW proof-of-concept module of its technology. It has completed the 2nd tranche of a $20.9M Series A funding. Investors in the tranche include US Renewables Group, Duke Energy and Northwater Intellectual Property Fund LP II. The capital will be used to continue development of commercial-scale General Compression Advanced Energy Storage modules and projects and to further advance its near-isothermal compression/expansion technology. General Compression was founded in 2006 by Eric Ingersoll, David Marcus and Michael Marcus and is based in Newton, Massachusetts. General Compression develops an advanced compressed air energy storage system designed to store and dispatch renewable power without consuming fuel or emitting carbon. The company plans to build and install its first full-scale General Compression Advanced Energy Storage unit, nominally 2 MW, with a roundtrip electrical efficiency in excess of 70%, in 2010. The financing will support the development of that first commercial-scale unit and a series of storage projects. General Compression and partners intend to develop both integrated wind/storage projects and standalone power storage projects, including a first commercial project in 2011. Projects can be sited near existing wind farms or other generators to better utilize existing transmission lines. The company is based in Newton, Massachusetts.