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AiDash is excited to announce that it has secured $27 million in a Series B funding round led by G2 Venture Partners (G2VP). They’re joined by existing investors, Benhamou Global Ventures (BGV) and National Grid Partners (NGP).
As climate change calls for stricter regulations and the increasing need for digitalization to bring dramatic changes to the utility and energy industries, AiDash’s satellite- and AI-powered software is helping them navigate these transitions. By helping utility and energy entities decrease maintenance expenses, improve resilience, de-risk ahead of extreme weather events, and operate more sustainably, AiDash hopes to transform these industries. The new funding will boost product innovation, hire new talent, and further plans for global expansion.
AiDash uses high-resolution multispectral satellite imagery coupled with artificial intelligence (AI) to transform operations and maintenance (O&M) activities like Vegetation Management and Remote Monitoring and Survey for global utility and energy customers. They plan on launching exciting new products focused on sustainability and disaster management in November 2021 and January 2022, respectively.
The company is already working with utilities of all sizes, including several Fortune 500 IOUs, in the United States, Canada, and the United Kingdom. With this new round of funding, AiDash will continue to expand its operations in Europe, the U.K., and Australia.
David Mount, Partner at G2VP, will join the Board of Directors at AiDash.
Official press release:
AiDash Secures $27M in Series B Funding to Prevent Wildfires and Power Outages With AI-Powered Satellite Technology
G2 Venture Partners led this round with participation from BGV, National Grid Partners, and additional strategic partners
AiDash, a leading provider of satellite and AI-powered vegetation management and sustainability solutions, today announced it has secured a $27 million Series B funding round. Led by G2 Venture Partners with participation from BGV, National Grid Partners, and additional strategic partners, this round brings the company’s total funding amount to $33 million. AiDash will use the funds to expand its vegetation management and sustainability products, helping utilities, energy, and other industries with geographically distributed assets transform their operations and maintenance activities.
“Wildfires were rampant in California when we first set out to launch AiDash, and utility companies were stuck following antiquated processes that required sending physical teams out to manually analyze thousands of miles of vegetation; a project that can take years to accomplish for just one utility alone,” said Abhishek Vinod Singh, AiDash Co-Founder and CEO. “Our Intelligent Vegetation Management System allows electric and gas utilities and other core industries to operate more efficiently, transforming their operations and maintenance activities. We’re excited to use this funding to grow our team and further develop our product offerings.”
AiDash Intelligent Vegetation Management System (IVMS) is the only proven satellite-powered vegetation management system that automates operations and maintenance for large utility companies. The system combines hi-res multispectral satellite imagery and AI with data gathered on the ground to help customers make informed decisions that have impacts as critical as preventing a wildfire or reducing damages from an upcoming storm.
Yashwanth Hemaraj, Partner at BGV says, “Natural catastrophes such as wildfires, hurricanes, and floods illustrate every day that climate change has a serious impact on the global population. AiDash is focusing on this increasing pain point for society at large, demonstrating how technology can help us cope with the negative consequences of climate change. The AiDash platform offers both a proactive and reactive system to deal with these challenges, using multiple data sources — including satellite data and custom-built AI models — to address the needs of the utility and energy industries. With deep workflow automation built with the needs of its customers in mind, AiDash can help these industries meet increasingly stringent green regulation requirements and decrease their negative climactic impact.”
In the last year, AiDash has grown its customer count by six times, its annual recurring revenue by five times, and its employee count by five times. AiDash signed its first customer in early 2020 and now has over 30 customers residing in the United States, United Kingdom, and Canada within the utilities, energy, transportation, water and wastewater, mining, and construction industries.
“We’re proud to partner with AiDash and support their efforts to leverage satellite and AI technology to improve operations and help utilities and other critical infrastructure adapt to the changing climate,” said David Mount, Partner at G2 Venture Partners.
“AiDash and National Grid Partners are both committed to revolutionizing the utility and energy industries with analytics and AI. By supporting the growth and capabilities of AiDash’s satellite analytics platform, we’re excited to continue creating a smarter, future-ready and sustainable industry,” said Lisa Lambert, Chief Technology and Innovation Officer at National Grid and Founder and President of National Grid Partners.
The new funds will be used to boost product innovation, hire new talent, and help AiDash expand globally, throughout North America, United Kingdom and Europe. AiDash will continue to improve its IVMS and expand its current product offerings to help the industries with geographically distributed assets tackle the issues of sustainability and disaster management.
