 "Startup AiDash raises $50 mn in funding for tech that uses AI, satellites")
AiDash, a startup which uses artificial intelligence (AI) and satellites to spot weather risks on power lines, said on Wednesday it has raised $50 million in Series C funding led by Lightrock.
SE Ventures, a global venture fund backed by Schneider Electric, also participated in the round, alongside all of AiDash’s previous investors G2 Venture Partners, Benhamou Global Ventures, National Grid Partners, Edison International, Shell Ventures, and additional strategic investors.
This brings the total fund raised by the enterprise SaaS solutions firm to $83 million. The Series C round was oversubscribed and indicates investor interest in effective climate technologies, said the company headquartered in California.
AiDash said it will use the funding for growth as it anticipates nearly doubling its team of 300 employees in the next two years. The company will establish a European headquarters and expand internationally and hire 150 “of the best and brightest minds” India.
AiDash said the funding round comes amid a surge in demand for its suite of satellite-first products, including its Intelligent Vegetation Management System, which enables utilities to identify vegetation risks before they damage a grid. The company’s Intelligent Sustainability Management System (ISMS), is used by organisations to comply with the UK’s mandatory Biodiversity Net Gain laws introduced under the Environment Act 2021. Apart from the US and the UK, AiDash is gaining growth momentum in Europe, Canada, Australia, and New Zealand. The company said it has more than 150 customers worldwide and has been doubling its annual recurring revenue (ARR) every year since inception in 2019.
“Our aging infrastructure is breaking under the strain of environmental change, putting lives at risk,” said Rahul Saxena, co-founder and chief product and technology officer of AiDash. “Better tools and technologies are required to manage this growing risk and its potential future impact. Our combination of satellite technology and AI is capable of managing this risk and safeguarding at-risk systems, like those managed by utility companies which often span huge geographical areas. With this funding, we look forward to expanding our reach and bringing the benefits of AiDash to more markets.”
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" India is of great significance to AiDash's operations because of its proven prowess in technology and the vast talent pool available here. We are in exciting times, with business opportunities around the globe. To this end, we have just leased an additional 8,000 square feet of office space in Bengaluru, and we plan to hire 150 of the best and brightest minds in our product, engineering, data science, analytics, and other departments in India, in this year alone," he said.
“AiDash’s full-stack software suite delivers significant RoI (return on investment) for customers and positive impact for companies, communities, people, and the climate,” said Ash Puri, partner at Lightrock. “As the effects of the climate emergency grow more severe, so will the need for software solutions like AiDash that can safeguard the huge number of geographically distributed assets, enabling customers to provide reliable service to their clients, and meet their regulatory obligations while also reducing risk from extreme weather, wildfires, and habitat destruction.