Romanian energy tech Ogre AI raised €625k in funding

Bucharest-based energy sector solutions provider Ogre AI has announced raising €625,000 in funding from Czech Soulmates Ventures in December 2023. Romanian Early Game Ventures and Matei Stratan, CEO of Ogre AI, also joined the investment.

• Ogre AI was co-founded by Matei Stratan, Mihai Cucuringu, and Paul Muscă in 2021. It is a data science startup that specializes in providing solutions for the energy sector based on machine learning and artificial intelligence. Ogre AI offers technological solutions that predict energy generation, consumption, technological and commercial losses in the network, and various anomalies in the system.
• Currently, the startup is based in London, with office in Bucharest. Before the current capital injection, in 2022, Ogre AI obtained a €2 million investment led by EGV, with participation from the London-based VC firm MMC and various international business angel investors.

Our main objective is to become the leading provider of analysis and forecasting solutions for companies in the energy market. These have already helped companies to reduce financial losses by up to 30% caused by the lack of appropriate forecasting tools. We are confident that, considering humanity’s migration toward more sustainable energy sources and in the context of a European agenda with clear objectives for reducing carbon footprint, more and more companies will need climate tech solutions to help them meet these goals.

Matei Stratan, CEO and co-founder of Ogre AI, says.

• Soulmates Ventures led the round. It is a Prague-based fund with a focus on entrepreneurs in areas such as air, water, energy, circular economy, food & agriculture, mobility, education, and healthcare. Today, it has eleven projects in its portfolio, including a €1.5 million investment in Czech psychological application VOS Health.

Ogre AI will use this investment round for product scaling and expansion into the European market, including the Czech Republic.