In a nutshell
- Romanian-founded Ogre AI, specializing in providing AI-based forecasting solutions for the energy sector, recently closed a new round of €3M.
- The investment round was led by VERBUND X Ventures with the participation of Early Game Ventures, MMC VC Fund, Soulmates Ventures and Sofia Angels Ventures.
Utilizing AI solutions for predicting renewable energy
Ogre AI is a Romanian-British energy tech startup, founded in 2021 by Matei Stratan and Mihai Cucuringu. The startup focuses on the field of energy forecasting that specializes in the development of state-of-the-art AI-based solutions for predicting energy generation and demand.
More than 30% of global electricity was generated from renewable sources in 2023, according to a report by global energy think tank Ember, driven primarily by the expansion of wind and solar power. AI offers potential for balancing supply and demand.
The flagship product, the Ogre forecasting system, utilizes proprietary machine learning pipelines and algorithms to manage the predictability of renewable energy sources like solar and wind, along with changes in demand patterns. The targeted industries include gas, electricity, water and district heating.
Ogre AI announced they raised €3 M in a funding round led by VERBUND X Ventures, with participation from Early Game Ventures, MMC VC Fund, Soulmates Ventures, and Sofia Angels Ventures.
“Ogre AI offers an important solution to a central problem in the energy industry – the prediction of volatile renewable energies and load-oriented demand. The combination of technical expertise and practical applicability makes this company a valuable partner for our future endeavors,” shared Franz Zöchbauer, Managing Director at VERBUND X Ventures.
New funding fuels expansion to support global renewable energy transition
The new funding round will help Ogre AI to further expand its technological capabilities and strengthen its market presence.
“We are thrilled to partner with VERBUND to further develop our technology and grow our business in new markets. We are confident that this collaboration will drive significant advancements in our business, including on the technologies to enhance grid efficiency and sustainability. Together, we aim to empower energy providers with cutting-edge AI solutions that not only optimize operations but also contribute to the global transition towards renewable energy,” said Matei Stratan, founder and CEO of Ogre AI.
