AiDash, a satellite- and AI-powered enterprise SaaS solutions provider, has secured $50 million in a Series C funding to double its team to over 600 employees in two years and set up a European headquarters.
Presently the firm staffs 300 professionals out of which their India operations has 250 employees spread across its Bengaluru and Gurugram sites.
“Our ageing 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,” said Rahul Saxena, Co-founder and Chief Product and Technology Officer of AiDash, in the statement. Saxena added, with the funding, the firm will be able to take its suite of solutions to more markets.
To grow its India operations, the firm has leased an additional 8,000 square feet of office space in Bengaluru. It plans to expand its talent base to 150 people with expertise in product, engineering, data science, analytics, and other departments in India this year.
AiDash to hire 600 professionals in 2024
AiDash, which was established in 2019 by Abhishek Vinod Singh, Rahul Saxena, and Nitin Das, offers full-stack solutions for critical infrastructure management to companies with geographically distributed assets through its satellite-first platform, coupled with other data points and in-house AI applications. AiDash claims its client portfolio with over 150 companies worldwide across sectors such as electric utilities, gas, water and wastewater, and energy.
The enterprise SaaS startup earlier raised $27 million in a Series B round of funding in October 2021 from G2 Venture Partners and others. Furthermore, in February 2022, AiDash acquired geospatial and AI-powered farming solutions provider Neurafarms.ai for an undisclosed amount.
The company currently owns products such as Intelligent Vegetation Management System to avoid grid damage, Intelligent Sustainability Management System for compliance with the UK’s biodiversity net gain laws, Climate Risk Intelligence System, and Integrity and Encroachment Management System.
According the company, AiDash’s products are redefining grid reliability and resource efficiency. Its technology can reduce the number of vegetation-caused power outages during storms by 15%, boost grid reliability by 5-15%, and deliver Operations & Maintenance (O&M) cost efficiencies to clients of 10-20%, creating value for customers and delivering climate impact.
The latest funding round was led by round led by global impact investment firm, Lightrock. Ashish Puri, Partner at Lightrock, will join the board of AiDash.
The round also saw participation from SE Ventures, backed by Schneider Electric, as well as returning investors including G2 Venture Partners, Benhamou Global Ventures, National Grid Partners, Edison International, Shell Ventures, and other strategic investors.
Enterprise SaaS company has raised a total of $83 million across four rounds of investment, according to a statement issued by the company including the present round of funding.