BluWave-ai closes $1 mln pre-seed round, Ecofuel invests

BluWave-ai, an Ottawa-based renewable energy usage software platform, has raised more than $1 million in a pre-seed financing. Angel and institutional investors backed the round. They included Ecofuel Fund, a seed fund affiliated with Canadian clean technology venture capital firm Cycle Capital Management. Founded last year by CEO Devashish Paul, BluWave-ai's technology uses artificial intelligence to enhance renewable energy usage in smart grids for electric utilities. The startup, which is part of Ecofuel Accelerator's fall 2018 cohort, is planning to raise a seed round targeted at $2 million.

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