AiDash, a specialist in satellite-first software solutions providing industries ranging from electric, gas, water utilities, to transportation and construction, tools to counter climate-related threats, has secured funding of $50 million. This new injection of capital raises the firm's total funding to $83 million.
The products developed by AiDash harness the power of satellites and artificial intelligence to potentially prevent billions of dollars in economic loss, while raising grid reliability by 5-15%, reducing vegetation-induced power outages during storms by 15%, and achieving Operations & Maintenance (O&M) cost efficiencies for clients of 10-20%.
The fresh funding round, chaired by Lightrock, a global impact investment firm, along with AiDash's current investors, is set to bolster the firm's growth. The company projects nearly doubling its existing team of 300 in the next two years and is planning to open a new European headquarters. AiDash's Intelligent Vegetation Management System (IVMS) and Intelligent Sustainability Management System (ISMS) are some of the satellite-first products that experience surging demand from customers.
Abhishek Singh, Co-founder and CEO of AiDash, commented on the dire need for innovative solutions, “Our aging infrastructure is breaking under the strain of environmental change, putting lives at risk. 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.”
Ash Puri, Partner at Lightrock, reiterated the importance of sustainable solutions in a climate crisis when he said, "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."
AiDash's technology is making a significant positive impact on industries. The firm's products reduce the number of outages caused by vegetation during storms by 15% and increase grid reliability by 5-15%.
Operations & Maintenance (O&M) cost efficiencies of 10-20% are also delivered to clients, making these products not just commercially viable but essential in terms of climate impact. The firm's influence extends beyond financial savings, contributing crucially to the protection of the environment and public safety by mitigating the risks of fires caused by vegetation interfering with the operation of critical infrastructure.
AiDash currently offers five end-to-end applications designed for various use cases. Each application is powered by AiDash's satellite-first platform, which uses the world's largest and best satellite data providers' imagery. It works in conjunction with other collected data and the firm's own AI.
The AI system, trained on a wide range of environmental and climate conditions, aids in predicting the future deterioration of infrastructure assets based on their present condition. This helps avert issues before they escalate into more significant problems.