Pani Energy, a young Canadian software-as-a-service (SaaS) company, yesterday announced the completion of an oversubscribed $8M CAD ($6.48M USD) capital raise. Funds include a seed equity round co-led by Blue Bear Capital and Blue Coast Partners, along with participation from other government agencies. The raised funds will provide support to Pani’s initial growth phase.
Blue Bear Capital, a California firm that invests in high-growth AI technology companies across energy, infrastructure, and climate industries, will now join Pani’s board as part of the financing.
“Water treatment is a multitrillion dollar industry, and one of the most important drivers of sustainable development, yet it has been slow to see effective AI solutions,” says Ernst Sack, founder and partner at Blue Bear Capital.
Since 2017, the startup has been working to develop programs that improve yield and reduce costs while using only a plant’s existing systems and existing sensor data. The company hopes to provide real-time operational insights and forecasting on how to enhance efficiency in plants, as well as predict optimal times to perform maintenance.
"We've had an incredible year, and we’ve been able to demonstrate to several players in the global water treatment market that our solution can easily realize production improvement and efficiency gains in this industry," said CEO Devesh Bharadwaj.
Pani is currently offering the platform as a multi-tiered subscription model. This round of funding will help Pani to globally scale direct sales reach as well as help attract distribution partners in the water industry.
SOURCE: Pani Energy
