Romanian Energy Sector Solutions Startup Secures €625,000 Funding from the Czech venture capital fund Soulmates Ventures

An artificial intelligence start-up set up by three Romanians and specializing in solutions for the energy sector have recently obtained a new investment of €625,000.

The startup, Ogre AI, founded by Matei Stratan (CEO) along with Mihai Cucuringu (CRO) and Paul Muscă (CTO), received the €625,000 funding from the Czech venture capital fund Soulmates Ventures.

This investment adds to the €2 million funding round obtained in 2022, led by EGV, with participation from the London-based venture capital fund MMC and various international business angel investors. Currently, the startup is preparing for a new funding round and anticipates reaching revenues of one million dollars in 2024.

“Our main objective is to become the leading provider of analysis and forecasting solutions for companies in the energy market. We have excellent products that we have already successfully implemented at giant companies in this industry (Enel, CEZ, Engie, PPC, DEER, E.ON, etc.). These have already helped companies reduce financial losses by up to 30% caused by the lack of appropriate forecasting tools. We are confident that, considering humanity’s migration toward more sustainable energy sources and in the context of a European agenda with clear objectives for reducing carbon footprint, more and more companies will need climate tech solutions to help them meet these goals,” says Matei Stratan, CEO and co-founder of Ogre AI.

Matei Stratan, CEO and co-founder of Ogre AI, studied at London Metropolitan University in the UK, graduating in business and finance. Matei Stratan is the son of the Iași-based businessman Dan Stratan, whose fortune was estimated at €250 million.

Paul Muscă holds a master’s degree in Machine Learning and Mathematics from Cambridge. He is an international mathematics Olympiad and infrastructure and application expert. Mihai Cucuringu, a graduate of Princeton University in the United States, holds a Ph.D. in Applied and Computational Mathematics and is currently an associate professor at Oxford.

Ogre AI is a data science startup specializing in providing solutions for the energy sector based on machine learning (ML) and artificial intelligence (AI). Ogre AI offers technological solutions that predict energy generation, consumption, technological and commercial losses in the network, and various anomalies in the system.

“I believe that Ogre AI has a huge potential to reform the energy management industry and contribute to a more sustainable future in which resources are controlled based on data and modern technologies,” says founder and chairman of the board of the accelerator and Soulmates Ventures VC fund Hynek Sochor.

The startup is based in London with offices in Bucharest and Athens.

Ogre AI also raised EUR 2 million seed round led by EGV last year.

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