BluWave-ai, an Ottawa, Canada-based cleantech startup, raised $3.9M in seed financing.
Sustainable Development Technology Canada (SDTC) made the largest contribution with $2.43M of non-dilutive financing, confirmed in Q3 of 2019 while a consortium of international private investors complemented this with $1.2M in the same quarter. In Q1 2020, OCE completed the round with $300K through its Market Readiness fund (equity financing) and an additional non-dilutive grant.
The funds raised will drive the company’s penetration further into the international smart grid and renewable energy markets, build its patent portfolio, and enable its 2020 commercialization roadmap of multiple product releases.
Led by President and CEO Devashish Paul, BluWave-ai provides SaaS solutions enabled by artificial intelligence (AI) for sustainable energy transformation of industrial customers, utilities, and electric fleet operators. Since opening the seed round in Q2 2019, the company has landed utility and commercial customers on three continents. In Summerside, PEI, Canada, BluWave-ai deployed the first AI-enabled optimal energy dispatch in the Canadian utility market. In Ontario, Canada, the company secured a $1M energy optimization project with the Independent Electricity System Operator (IESO). In India, BluWave-ai partnered with Tata Power, accomplishing live operational AI-enabled day-ahead dispatch for the city of Mumbai. In the UK, the company partnered with independent power producer Greencat Renewables to optimize the operational cost of a grid-attached waste recycling facility with battery storage, wind, and solar energy resources. Overall, by the close of the fiscal year October 31, 2019, BluWave-ai surpassed $1M of bookings.