AiDash, an enterprise SaaS company, announced that it received a strategic investment from Duke Investments, a wholly owned subsidiary of Duke Energy. These funds will be rolled into the company’s recently announced $50 million Series C funding round.
Duke Investments joins global impact investment firm Lightrock; SE Ventures, a global venture fund backed by Schneider Electric; and G2 Venture Partners; as well as Benhamou Global Ventures; National Grid Partners; Edison International; and Shell Ventures. Funds will be used to fuel growth, AiDash said. The news was disclosed at DISTRIBUTECH International, the premier annual event for transmission and distribution utilities, showcasing cutting-edge technologies that power homes and businesses.
AiDash’s suite of satellite-first products includes its Intelligent Vegetation Management System (IVMS), which helps utilities identify and manage vegetation risks along rights-of-way; Climate Risk Intelligence System (CRIS) for outage forecasting due to storms and wildfires; Asset Inspection and Monitoring System (AIMS), which helps utilities manage their assets; and BNGAI, which helps organizations manage biodiversity programs.
“Innovative companies like AiDash help make it possible for us to deliver reliable power to our millions of customers and to make progress on our ambitious climate goals,” said Casey Reedy, Corporate Development Director at Duke Energy.
AiDash says its technology can reduce the number of vegetation-caused power outages during storms by 15%, boost grid reliability by 5-15%, and deliver Operations & Maintenance (O&M) cost efficiencies to clients of 10-20%.
“Better tools and technologies are required to manage growing climate-related risks and enable the energy transition,” said Abhishek Singh, Co-founder and CEO of AiDash. “Our combination of satellite technology and AI can protect essential systems, which often span huge geographical areas. With this additional strategic funding, we look forward to building on our existing relationship with Duke Energy to make an even greater impact.”
