The round was led by VERBUND X Ventures, the corporate venture unit of Austria's largest electricity provider VERBUND, with additional support from Bucharest-based Early Game Ventures, MMC Greater London Fund and Czechia's Soulmates Ventures, SAV said in a statement on Wednesday.

The fresh funding will accelerate Ogre AI's growth across Europe, where it currently operates in Romania, the UK and Greece, serving clients such as Enel, CEZ, and E.ON.

"We see Ogre AI not only as an innovative company but as a key player in the future of the energy sector. Their advanced solutions are crucial for the development of intelligent energy systems and the efficient use of renewable energies," SAV managing partner Bistra Kirova said.

Founded in 2021, Ogre AI specialises in AI-driven solutions for predicting energy generation and demand. Its main product, the Ogre forecasting system, uses proprietary machine learning algorithms to manage the unpredictability of renewable sources like solar and wind, along with shifts in demand patterns. This technology allows energy operators to optimise operations, reduce costs, mitigate financial risks and better navigate energy transition challenges.

By investing in Ogre AI, SAV supports new technologies in the energy sector that address global energy issues, continuing its focus on promoting innovation across different industries.

SAV, a €13 million venture fund for angel and private co-investment, is backed by the European Investment Fund.