AiDash secures $50M for enhancing climate resilience in critical infrastructure

Written by Copernical Team Friday, 26 January 2024 06:36

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Los Angeles CA (SPX) Jan 24, 2024

AiDash, an enterprise Software-as-a-Service (SaaS) company specializing in making critical infrastructure industries more resilient and sustainable against climate change, has recently announced a substantial financial boost. The company has secured $50 million in a Series C funding round, elevating its total funding to $83 million. This round was notably oversubscribed, reflecting a heightened

AiDash secures $50M for enhancing climate resilience in critical infrastructure
by Clarence Oxford
Los Angeles CA (SPX) Jan 24, 2024

AiDash, an enterprise Software-as-a-Service (SaaS) company specializing in making critical infrastructure industries more resilient and sustainable against climate change, has recently announced a substantial financial boost. The company has secured $50 million in a Series C funding round, elevating its total funding to $83 million. This round was notably oversubscribed, reflecting a heightened investor interest in scalable and effective climate technologies.

The funding round was spearheaded by the global impact investment firm Lightrock, with Partner Ashish (Ash) Puri joining AiDash's board of directors. Notably, SE Ventures, backed by Schneider Electric, also participated, alongside all previous investors, including G2 Venture Partners, Benhamou Global Ventures, National Grid Partners, Edison International, Shell Ventures, and other strategic investors.

This influx of capital is earmarked for significant growth, with plans to nearly double AiDash's current team of 300 within two years. Additionally, the company is looking to establish a European headquarters and expand its international presence to meet the burgeoning demand for its services.

AiDash has been making waves with its suite of satellite-first products, such as the Intelligent Vegetation Management System (IVMS) and the Intelligent Sustainability Management System (ISMS). The IVMS empowers utilities to proactively identify vegetation risks before they impact the grid and optimize maintenance cycles. Meanwhile, the ISMS is pivotal for organizations striving to comply with the UK's Biodiversity Net Gain laws under the Environment Act 2021.

The company's reach is expanding rapidly, with more than 150 customers worldwide and a consistent doubling of its annual recurring revenue (ARR) since its inception in 2019. AiDash is experiencing growth not only in the U.S. and the UK but also across Europe, Canada, Australia, and New Zealand.

Abhishek Singh, Co-founder and CEO of AiDash, emphasized the urgency of the situation: "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." He highlights the effectiveness of AiDash's combination of satellite technology and AI in managing these risks and safeguarding systems like utility networks that span vast geographical areas.

Ash Puri of Lightrock acknowledged the critical role of AiDash's technology: "AiDash's full-stack software suite delivers significant ROI for customers and positive impact for companies, communities, people, and the climate." He pointed out the growing necessity for solutions like AiDash's as the climate emergency intensifies, emphasizing their role in safeguarding geographically distributed assets.

Adapting to Climate Change: Impacting the Present and the Future
Climate change poses unprecedented risks to enterprises operating critical infrastructure. In the U.S., the average customer has experienced power outages totaling over seven hours per year since 2020, primarily due to extreme weather events. These outages have led to significant losses, including over 2.5 TWh of electricity, more than $150 billion in economic damages, and widespread disruption to millions of lives.

AiDash's products are actively redefining grid reliability and resource efficiency. By implementing its technology, companies have seen reductions in vegetation-caused power outages, boosts in grid reliability, and substantial Operations and Maintenance (O&M) cost efficiencies. More importantly, AiDash's impact transcends monetary savings, contributing to environmental protection and human safety by reducing wildfire risks.

Kristen Bridges from Alabama Power Company shared her experience: "AiDash IVMS not only gives us that view, but also allows us to put scenarios together to envision where our vegetation management choices are taking us." Similarly, David Smith from South West Water praised AiDash's habitat mapping as the best he has seen, calling it a "paradigm shift for the future of mapping and monitoring habitats."

A Full Stack Solution for Critical Infrastructure Maintenance and Climate Resilience
AiDash offers a diverse range of applications, including the IVMS for electric utilities, ISMS for various industries to meet Biodiversity Net Gain and carbon goals, CRIS for forecasting climate-related outages, IEMS for mitigating pipeline integrity risks, and RIMS for inspecting and monitoring infrastructure like roads and railroads.

Powered by a satellite-first platform using imagery from leading satellite data providers and enhanced with AI, AiDash's technology has been trained on diverse vegetation and climate conditions across most U.S. states. This capability allows for detailed satellite imagery assessments of infrastructure conditions, providing a cutting-edge solution for today's climate challenges.