Germany-headquartered multinational energy firm Innogy New Ventures has partnered with venture capital firm BootstrapLabs on artificial intelligence (AI) and energy venture investments.
Nicolai Wadstrom, founder and managing partner of BootstrapLabs, said: "As a venture capital firm focused on Applied AI, we believe that the advances made from deep learning and machine learning algorithms will revolutionise both the demand and supply side of the energy economy. With about 22 million customers and activities in 15 countries, Innogy is the perfect partner to help us validate use cases quickly and scale our venture investments globally."
Innogy Innovation Hub is investing $5 million in BootstrapLabs Applied AI funds.
Innogy will have access to to the venture capital firm’s AI technology expertise and global community of 40,000 Applied AI experts, entrepreneurs, and developers.
The two will focus on building the world’s largest AI community for the energy industry and provide startups with funding.
The partnership is expected to come with solutions to address energy challenges including industrial manufacturing sustainability, the management of autonomous electric vehicle fleets, cybersecurity, and smart/connected homes and cities.
Thomas Birr, SVP Innovation & Business Transformation, Innogy SE and CEO of the innogy Innovation Hub, commented: "At the Innogy Innovation Hub, we believe that AI will fundamentally change every industry – including energy. Our task is to seek out new business models, form promising partnerships and test new ideas that will shape the energy market of the future. BootstrapLabs is an ideal partner for us due to their focus on Applied Artificial Intelligence, and together we are looking forward to co-creating the future of energy."