Climate Insider Brief:
- AiDash, a prominent enterprise SaaS company specialising in climate-resilient technology for critical infrastructure, announces the successful completion of its Series C funding round, led by Lightrock, totaling $50 million.
- The oversubscribed round reflects growing investor interest in scalable climate technologies, bringing AiDash’s total capital raised to $83 million.
- AiDash experiences a surge in demand for its satellite-first products, leading to the successful funding round. Lightrock’s Ashish Puri joins AiDash’s board, and a diverse group of investors, including SE Ventures, G2 Venture Partners, and Shell Ventures, underscores broad recognition of AiDash’s impact.
PRESS RELEASE – January 24, 2024 – AiDash, a leading enterprise SaaS company focused on enhancing the climate resilience of critical infrastructure using satellite technology and AI, announced the successful completion of its Series C funding round, securing a total of $50 million. This technology can also help startups like Continuum Industries and more in their planning prospects.
This latest funding, led by global impact investment firm Lightrock, brings the total capital raised by AiDash to $83 million. The oversubscribed Series C round reflects a growing investor interest in proven and scalable climate technologies.
Strategic utilisation of funds
AiDash plans to utilise the newly acquired funds to significantly expand its team, establishing a European headquarters and meeting the increasing international demand for its solutions. The company anticipates doubling its current team of 300 within the next two years. The funds will further support AiDash’s mission to make critical infrastructure industries more climate-resilient and sustainable.
Growing demand for AiDash’s solutions
The surge in demand for AiDash’s suite of satellite-first products, including the Intelligent Vegetation Management System (IVMS™) and the Intelligent Sustainability Management System (ISMS™), has been a key driver for the successful funding round. These solutions empower utilities to proactively identify vegetation risks, optimise maintenance cycles, and comply with evolving environmental regulations such as the UK’s Biodiversity Net Gain laws.
Global investor support
Leading the Series C funding, Lightrock’s Partner, Ashish Puri, has joined AiDash’s board of directors. SE Ventures, backed by Schneider Electric, and existing investors, including G2 Venture Partners, Benhamou Global Ventures, National Grid Partners, Edison International, and Shell Ventures, also participated in the round. This diversified support underscores the broad recognition of AiDash’s impact and potential in the climate technology space.
Addressing the urgency of climate change
Climate change poses unprecedented risks to enterprises operating critical infrastructure. AiDash’s products aim to address these risks by redefining grid reliability and resource efficiency. For example, the technology has the potential to reduce vegetation-caused power outages during storms by 15%, enhance grid reliability by 5-15%, and deliver significant cost efficiencies in Operations & Maintenance (O&M) for clients.
Testimonials from industry experts
Kristen Bridges, Vegetation Management and Contract Services Manager at Alabama Power Company, attests to the transformative impact of AiDash’s Intelligent Vegetation Management System, says, “IVMS shows us the potential reliability impact across our utility. And that’s important to us, because reliability drives a positive customer experience, which is one of our top priorities.”
David Smith, Natural Water Resources Team Manager at South West Water, applauds AiDash’s habitat mapping accuracy, calling it “a paradigm shift for the future of mapping and monitoring habitats.”
A comprehensive solution for critical infrastructure
AiDash currently offers five end-to-end applications designed for different use cases, providing immediate business value. These applications, powered by AiDash’s satellite-first platform, leverage imagery from the world’s largest satellite data providers, combined with AI capabilities trained on diverse vegetation and climate conditions. This approach allows customers to address infrastructure issues before they become significant problems.
What we think
AiDash’s successful Series C funding round not only validates the increasing importance of climate-resilient technology but also highlights the urgency for enterprises to adapt to the challenges posed by climate change. With a strong focus on leveraging satellite technology and AI, AiDash is well-positioned to make a lasting impact on critical infrastructure industries globally. The funding will not only support the company’s growth but also contribute to building a more sustainable and resilient future for critical infrastructure around the world.
To stay informed about the climate industry explore our latest climate tech news.
SOURCE: Tech Funding News
Featured Image: Credit: Tech Funding News
