Spanish cleantech startup, Optimitive announced on Tuesday that it has raised USD 1.9 million for a Series A, via a Luxembourg venture capital fund.
GGM Venture Capital, led the funding round with Cleantech accelerator Surge, co-investing USD 50,000 (as Optimitive is a Surge alumni).
Optimitive founded in 2008 develops artificial intelligence software that monitors inefficient processes at refineries, hydropower plants, wind farms, and other energy-generating facilities. The software, helps large industrial companies reduce their carbon dioxide emission, reduce their energy or raw material input costs. The software, at the same time, continously searches for inefficiences and in turn, suggests real time adjustments to address energy loss.
"What also makes them interesting is that it usually takes a company about a year to get [the software] installed and up and running, and producing measurable results.These guys can do it in three months. It's just so much faster than everybody else. That's very compelling to an industry whose major cost is energy consumption." says Kirk Coburn, founder and executive director of Surge, which hosted Optimitive in its latest class.
With the additional funding secured, Optimitive said it will use the funds to ramp up its sales and marketing departnments.
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