AiDash, a provider of satellite and AI-powered operations, maintenance, and sustainability solutions, announced a strategic investment of $10m from SE Ventures, a global venture fund backed by Schneider Electric, the digital transformation of energy management provider.
What is the market offering of AiDash?
AiDash’s Disaster and Disruption Management System (DDMS) forecasts storm and wildfire outages and damages to plan quickly for utilities and energy companies, govts, and cities. The system works in near real-time before, during, and after a major natural disaster.
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 R&D of AiDash’s products, hire new talent, and expand to additional global markets.
In less than 12 months, AiDash has seen nearly 3X growth in annual recurring revenue (ARR) year-over-year. The company has doubled its headcount and customer base, reaching over 75 utilities as customers in 2022, including Fortune 500 companies. AiDash is continues its mission to help clients tackle issues of disaster management while maintaining sustainability.
The capital will be used to drive climate resilience for utility assets by enhancing its AI-powered vertical SaaS products, like 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.
The demand for reliable electricity and energy infrastructure continues to increase. Climate Central revealed that from 2000 to 2021, 83% of power outages were caused by weather-related events like wildfires and hurricanes, which only escalate as the climate warms.
What were the executives’ thoughts on the funding?
“Vegetation and disaster management are pressing challenges for utilities 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 clients,” said Luis D’Acosta, head of the Digital Grid business at Schneider Electric.
“Vegetation is the biggest cause of power outages and one of the most critical factors for grid resilience. Schneider Electric has a very robust portfolio of solutions related to grid resiliency and we see 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,” said Abhishek Singh, co-founder, and CEO of AiDash.
“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 tech.”
To learn more about AiDash, please visit www.aidash.com.