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Utility joins Lightrock, SE Ventures, and others at the intersection of infrastructure, tech, and climate resiliency
SAN JOSE, Calif.– February 28, 2024 — AiDash, an enterprise SaaS company making critical infrastructure industries climate resilient and sustainable with satellites and AI, today announced that it received a strategic investment from Duke Investments, LLC, a wholly owned subsidiary of Duke Energy (NYSE: DUK). 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. 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.
The additional investment comes amid a surge in demand for AiDash’s suite of satellite-first products, including its Intelligent Vegetation Management System™ (IVMS™), which helps utilities identify and manage vegetation risks along rights-of-way; Climate Risk Intelligence System™ (CRIS™) for accurate outage forecasting due to storms and wildfires; Asset Inspection and Monitoring System™ (AIMS™), which helps utilities better manage their assets; and BNGAI™, which helps organizations manage biodiversity programs. These solutions enhance climate resilience, sustainability, and operational efficiency, leading to optimized O&M spend, improved reliability, and reduced weather-related incidents. Duke Investments participated in the round after seeing how closely its investment priorities align with AiDash’s technology and vision for the future.
“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 products are already redefining grid reliability and resource efficiency. 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%, creating value for customers and delivering climate impact. The company’s impact extends beyond cost-savings and includes safeguarding the environment and property by reducing the likelihood of wildfires caused by vegetation interfering with the safe operation of assets.
“Better tools and technologies are required to manage growing climate-related risks and enable the energy transition. Our combination of satellite technology and AI can protect essential systems, which often span huge geographical areas,” said Abhishek Singh, Co-founder and CEO of AiDash. “With this additional strategic funding, we look forward to building on our existing relationship with Duke Energy to make an even greater impact.”
To learn more about all the ways in which AiDash is supporting climate resiliency and sustainability, please visit www.aidash.com.
About AiDash
AiDash is making critical infrastructure industries climate-resilient and sustainable with satellites and AI. Using our full-stack SaaS solutions, customers in electric, gas, and water utilities, transportation, and construction are transforming asset inspection and maintenance – and complying with biodiversity net gain mandates and carbon capture goals. Our customers deliver ROI in their first year of deployment with reduced costs, improved reliability, and achieved sustainability goals. Learn more at www.aidash.com.
