AiDash Secures Investment from SE Ventures, a Leading Global Venture Fund Backed by Schneider Electric
New funding from SE Ventures supports the climate resilience of utilities’ electric grids and infrastructures by strengthening AiDash’s satellite-powered vegetation management platform
SAN JOSE, Calif.–(BUSINESS WIRE)–AiDash, a leading provider of satellite and AI-powered operations, maintenance, and sustainability solutions, today announced a strategic investment of $10 million from SE Ventures, a Silicon Valley-based global venture fund backed by Schneider Electric, the leader in digital transformation of energy management and automation. The capital will be used to drive climate resilience for utility assets by enhancing its satellite- and AI-powered vertical SaaS products, including Intelligent Vegetation Management System, Intelligent Sustainability Management System, and Disaster and Disruption Management System.
Power outages are becoming more frequent as natural disasters intensify due to the climate crisis. As a result, the demand for reliable electricity and energy infrastructure continues to increase. In fact, Climate Central revealed that from 2000 to 2021, 83 percent of reported power outages were caused by weather-related events including wildfires, tornadoes, and hurricanes, which only escalate as the climate warms.
“Vegetation is the biggest cause of power outages and one of the most critical factors for grid resilience,” said Abhishek Singh, co-founder, and CEO of AiDash. “Schneider Electric has a very robust portfolio of solutions related to grid resiliency and we see particularly strong synergy with their EcoStruxure Grid Asset Advisor offer. The strategic fit was so great that we didn’t want to wait until our Series C round – planned for 2023 – to work with Schneider Electric. Together we’re even stronger on our mission to modernize electric grids, prevent and minimize natural disaster damage, and fight climate change through AI and satellite technology.”
AiDash’s Disaster and Disruption Management System (DDMS) forecasts storm and wildfire outages and damages to plan quickly, and restore safely, for utilities as well as energy companies, governments, and cities. The system works in near real-time before, during, and after a major natural disaster or extreme event. AiDash’s other products, including Intelligent Vegetation Management System (IVMS), are used to help core industries become more resilient, efficient and sustainable, while DDMS is for emergency management at scale. The latest financing will be used to further enhance the research and development of AiDash’s products, hire new talent, and expand to additional global markets.
“Vegetation and disaster management are pressing challenges for utilities across the world and AiDash has developed a very scalable solution that not only delivers satellite analytics in an automated manner but also turns those insights into simple actionable decisions that operations teams can implement. We are thrilled to partner with AiDash in bringing their innovative technology to our customers,” said Luis D’Acosta, head of the Digital Grid business at Schneider Electric.
In less than 12 months, AiDash has seen nearly 3X growth in annual recurring revenue (ARR) year-over-year. The company has doubled its employee headcount and customer base, reaching over 75 utilities as customers in 2022, including Fortune 500 companies. AiDash is continuing its mission to help customers tackle issues of disaster management while maintaining sustainability.
To learn more about AiDash, please visit www.aidash.com.
About AiDash
AiDash is an AI-first vertical SaaS company on a mission to transform operations, maintenance, and sustainability in industries with geographically distributed assets by using satellites and AI at scale. With access to a continual, near real-time stream of critical data, utilities, energy, mining, and other core industries can make more informed decisions and build optimized long-term plans, all while reducing costs, improving reliability, and achieving sustainability goals. To learn more about how AiDash is helping core industries become more resilient, efficient, and sustainable, visit www.aidash.com.
About SE Ventures
SE Ventures (SEV) is a global venture capital fund backed by Schneider Electric. SEV backs big ideas and bold entrepreneurs who can benefit from Schneider’s deep domain expertise and global customer reach. SEV has been acting as a strategic commercial accelerant for category-defining companies such as Augury, Claroty, Aquant, AutoGrid, Poka, Scandit, Volta and other startups spanning energy, mobility, prop-tech, cybersecurity and industrial automation.
Contacts
BAM for AiDash
Amanda Mieczkowski
