Tech News Summary:
- AiDash, an enterprise software provider for utility industries, raised $50 million in funding led by Lightrock, bringing their total funding to $83 million.
- They plan to use the funds to double their team size, expand internationally, and establish new offices in Europe, with a focus on hiring 150 professionals in India this year.
- Their software solutions help companies in utilities and energy domains prevent infrastructure damage through satellite imaging and AI models, and they have more than doubled their annual recurring revenue every year since inception.
Lightrock, a global private equity firm, has led a $50 million funding round for AiDash, a leading SaaS startup specializing in artificial intelligence-powered asset management. The investment will fuel the company’s rapid expansion and drive the development of its cutting-edge technology platform.
AiDash’s AI-driven platform provides utility and energy companies with real-time insights and analytics to optimize asset management, improve operational efficiency, and reduce environmental impact. The funding will enable AiDash to further enhance its platform and expand its customer base across the globe.
“We are thrilled to partner with Lightrock as we continue to revolutionize the asset management space through the power of AI,” said Abhay Singhal, CEO of AiDash. “This investment will allow us to accelerate our product innovation and scale our operations to meet the growing demand for our solutions.”
The funding round also saw participation from existing investors such as Benhamou Global Ventures and existing investors NEA, CerraCap, and Accel Partners.
“Lightrock is excited to support AiDash in their mission to transform asset management through AI-driven technology,” said Lydia Jett, Partner at Lightrock. “We believe in the tremendous potential of AiDash’s platform to drive sustainability and efficiency gains for utility and energy companies worldwide.”
With this latest funding round, AiDash is well-positioned to solidify its position as a leader in the AI-powered asset management space and continue its rapid growth trajectory. This investment marks a significant milestone for the company and paves the way for its continued success in the global market.