Romanian startup Ogre raises EUR 2 mln for its AI platform for energy management

Ogre AI, the Romanian data science startup specializing in machine learning and artificial intelligence (AI) solutions for the energy sector, has announced a EUR 2 million seed round led by EGV, with the participation of London-based VC fund MMC Ventures and international business angels.

Ogre AI works with its partners on forecasting generation, consumption, network/grid technical and commercial losses and anomalies. The team is also on its way to building an innovative price forecast system that will aid with decision making in grid management and trading.

“When we looked at Ogre AI, we immediately jumped on board: the market opportunity is clear to us, the team is brilliant and able to execute, the technology is solid and scalable globally. We are happy to lead this first round and proud to contribute to building critical data infrastructure for the energy industry,” said Radu Stoicoviciu, Partner EGV.

In his turn, Andrei Dvornic, Principal, MMC Ventures, said: “To reach the global climate goals, the world will need to significantly accelerate investment in the energy transition. We are thrilled to back an incredibly talented team building the next-generation forecasting products needed to manage the increasingly volatile global energy markets. Ogre AI’s technology enables unparalleled risk management and operational efficiencies, releasing much needed capital for further investments in clean energy.”

According to Ogre AI founder Matei Stratan, the startup’s goal is to scale its business globally.

(Photo source: the company)