AiDash Raises $50M Funding to Mitigate Climate Change with AI
Climate tech startup AiDash raised $50 million funding to establish a European HQ and expand its climate tech internationally.
Climate tech startup AiDash today raised $50 million funding which will be utilized for growth, with plans to nearly double the team from 300 to meet increasing demand. Moreover, AiDash intends to establish a European headquarters and expand internationally to serve diverse markets.
The Series C funding round was led by Lightrock, with participation from SE Ventures, G2 Venture Partners, Benhamou Global Ventures, National Grid Partners, Edison International, Shell Ventures and additional strategic investors.
“Our aging infrastructure is breaking under the strain of environmental change, putting lives at risk,” said Abhishek Singh, co-founder and CEO of AiDash.
“Better tools and technologies are required to manage this growing risk and its potential future impact. Our combination of satellite technology and AI is capable of managing this risk and safeguarding at-risk systems, like those managed by utility companies which often span huge geographical areas. With this funding, we look forward to expanding our reach and bringing the benefits of AiDash to more markets,” Singh added.
AiDash’s suite of satellite-first products, particularly the Intelligent Vegetation Management System (IVMS) and Intelligent Sustainability Management System (ISMS), has seen a surge in demand.
The IVMS enables utilities to proactively identify vegetation risks before they damage the grid, optimizing maintenance cycles. Meanwhile, the ISMS proves to be an essential tool for organizations seeking compliance with the UK’s mandatory Biodiversity Net Gain laws.
AiDash’s Future Roadmap for Climate Tech
According to AiDash, the company’s growth is not only reflected in its expanding team and market reach but also its financial performance. Since its inception in 2019, the startup has more than doubled its annual recurring revenue (ARR) every year, signaling a strong and sustainable business model.
AiDash’s technology comes at a juncture as climate change poses unprecedented risks to enterprises across sectors. Power systems are increasingly vulnerable to climate change hazards, including storms, flooding, and wildfires.
The startup aims to enhance grid reliability and resource efficiency, offering solutions that can reduce vegetation-caused power outages during storms by 15%, boost grid reliability by 5 to 15%, and deliver Operations and Maintenance (O&M) cost efficiencies of 10-20%.
Ash Puri, Partner at Lightrock, emphasized the importance of software solutions like AiDash in mitigating the impact of the climate emergency. “As the effects of the climate emergency grow more severe, so will the need for software solutions like AiDash that can safeguard geographically distributed assets,” said Puri.
Looking ahead, AiDash expects to play an important role in addressing the pressing challenges posed by climate change. The company’s commitment to expanding its reach and providing innovative solutions marks a significant step towards building a resilient and sustainable future for critical infrastructure industries worldwide.
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