Israel’s Grid4C announced that it raised $1.5 million from Israel Clean Tech Ventures Fund (ICV) in its first round of funding. The new capital will be used to expand its operations.
Grid4C develops machine-based artificial learning software for power producers and providers. Grid4C has clients in Israel, the United States and Europe. The company was founded in 2013 by CEO Dr. Noa Ruschin-Rimini in order to answer challenges facing power-providers.
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It offers data analysis software systems for electric taxis, with information about weather and electricity prices. According Roshin Rimini, the analyzing of billions of meter readings from 3 continents in order to produce Grid4C information that enables optimization and reduction of operating activities is no easy task. “Using advanced algorithms of artificial intelligence, we produce accurate forecasts are critical for manufacturers and power providers, ” she said.
Meir Iokls, partner at venture capital ICV told Calcalist, “rules of the game in the electricity market world changed. Instead of being the electricity network flow one-way – from electricity producers to consumers of electricity – but today, due to the increase use of renewable energy, along with the penetration of new technologies to increase energy efficiency and storing electricity, created state flow of electricity network is multi-directional, from any point to any point on the network. The result is a complex challenge balancing the supply and demand of electricity, and the difficulty in predicting consumption. Add to this the process of deregulation in the electricity market, which increases the need for manufacturers and utility providers to get closer to their customers, offering them value-added services, prices and offer them customized efficiency programs and prevent abandonment, and we get a market going through a revolution and need innovative solutions. “