Sofia Angels Ventures – New Investment Press Release
Sofia Angels Ventures (SAV), a €13M venture fund backed up by EIF for angel and private co-investment, headquartered in Sofia, is proud to announce its latest investment – Ogre AI. Our investment is supported by InnovFin Equity, with the financial backing of the European Union under Horizon 2020 Financial Instruments and the European Fund for Strategic Investments (EFSI) set up under the Investment Plan for Europe. The purpose of EFSI is to help support financing and implementing productive investments in the European Union and to ensure increased access to financing.
We are proud to announce our participation in a €3 million investment round for Ogre AI, a fast-growing energy tech startup specializing in AI-driven forecasting solutions for the energy sector. The round was led by VERBUND X Ventures, with contributions from Early Game Ventures, MMC Greater London Fund and Soulmates Ventures.
Ogre AI is an innovative startup in the field of energy forecasting that specializes in the development of state-of-the-art AI-based solutions for predicting energy generation and demand. Its main product, the Ogre forecasting system, relies on advanced proprietary ML pipelines and algorithms to manage the unpredictability of renewable energy sources such as solar and wind power, as well as the shifts in demand patterns. This enables energy operators to optimize their business, reduce costs, mitigate financial risks and better meet the challenges of the energy transition.
The latest funding round will help Ogre AI grow its presence in Europe, where it already operates in countries like Romania, Great Britain, and Greece, working with clients such as Enel, CEZ, and E.ON. Ogre AI’s technology helps manage the challenges of adding renewable energy to existing grids and adjusting to changes in energy demand.
“We see Ogre AI not only as an innovative company but as a key player in the future of the energy sector. Their advanced solutions are crucial for the development of intelligent energy systems and the efficient use of renewable energies.” – says Bistra Kirova, Managing Partner at Sofia Angles Ventures.
We view this partnership as an opportunity to invest in new technologies that support the energy sector and address global energy issues. By backing startups like Ogre AI, our Fund continues its focus on promoting innovation across different industries.
September 2024
Sofia
