Enterprise SaaS solutions provider AiDash bags $50 M in Series C round
The funding round was led by global impact investment firm Lightrock, with participation from other investors. The funds will be used for hiring and geographic expansion.
San Jose, US-headquartered , which provides satellite- and AI-powered enterprise SaaS solutions, has raised $50 million in a Series C funding round led by global impact investment firm, .
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.
With the current round, AiDash has raised a total of $83 million across four rounds of investment, according to a statement issued by the company.
AiDash plans to use the funds to double its team to over 600 employees in two years and set up a European headquarters. The company currently has 300 employees overall; there are 250 employees in India, across its Bengaluru and Gurugram offices.
“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. He also said that, with the funding, AiDash will be able to take its suite of solutions to more markets.
As part of its India expansion, AiDash has leased an additional 8,000 square feet of office space in Bengaluru. It plans to hire 150 people across product, engineering, data science, analytics, and other departments in India in 2024.
Founded in 2019 by Abhishek Vinod Singh, Rahul Saxena, and Nitin Das, AiDash 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 says it works with over 150 companies worldwide across sectors such as electric utilities, gas, water and wastewater, and energy.
The startup had last raised $27 million in a Series B round of funding in October 2021 from G2 Venture Partners and others.
In February 2022, AiDash acquired geospatial and AI-powered farming solutions provider Neurafarms.ai for an undisclosed amount.
The company currently provides 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.
(The copy was updated with more information.)
Edited by Swetha Kannan