Utilities continue to play an important role in helping Grid4C to improve and increase the adoption of its artificial intelligence and machine learning-based energy solution.
Grid4C has raised $5 million with the help of venture capital firm ICV and French utility ENGIE and utilities in Europe and Asia.
Other investors include iAngels and AxessVentures.
The solution provider is working with utilities in four continents and smart meter solution firms to enhance the functionalities of its predictive analytics technology.
With smart meter vendors, the aim is to embed its algorithm inside enhanced metering capabilities, at the edge of the grid, where the data is more granular and available in real time.
The goal is to provide utilities with granular predictions and actionable insights for their operations.
The software-as-a-service solution models each meter and endpoint as well as predicts its individual behavior.
This enables optimisation of distributed energy resources, and quick detection of faults and inefficiencies within the grid network and smart homes.
The technology helps improve operational planning, reduce peak demand, increase energy savings, deliver new revenue streams, and increase customer engagement.
Meir Ukeles, Founder and Partner at ICV, said: “…AI and Machine Learning edge and unique capabilities will continue to disrupt the energy industry on a worldwide scale, as we see happening with AI in other industries.”