BluWave-ai Secures $8.1M in Series A-2 Funding

BluWave-ai, an Ottawa, Canada-based energy technology company, has raised $8.1 million in a Series A-2 equity funding round. The round included new and returning international angel and family office investors, including several members of the Capital Angels Network.

The company has also secured non-dilutive federal financing, and operational capital from Royal Bank of Canada (RBC) and Bank of Montreal (BMO), taking the total financing to more than $24 million.

BluWave-ai will use the funds to strengthen its Canadian operations and engineering team, expand its patent portfolio, improve its Energy Storage Autopilot product, and support international business development.

What is BluWave-ai?

BluWave-ai develops AI software that helps businesses and electricity providers manage energy more efficiently. It's platform optimises renewable energy, battery storage, electricity pricing, electric vehicle (EV) charging and data centre energy use in real time.

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The company offers products including EV Everywhere for managed EV charging, Energy Storage Autopilot for stationary batteries and Data Center Autopilot for flexible AI computing loads.

Its technology helps utilities balance electricity demand with available supply. For example, it can adjust EV charging based on grid conditions to reduce pressure on local electricity networks avoid expensive power generation and limit the need for costly grid upgrades.

How Much Funding Has BluWave-ai Raised?

BluWave-ai has raised $8.1 million in its Series A-2 equity round. Including federal non-dilutive financing and operational capital, the company has secured more than $24 million in total financing.

The operational capital was provided by RBC and BMO. The announcement does not provide a breakdown of the company's earlier funding rounds.

Who Invested in BluWave-ai’s Series A-2?

The equity round included new and returning international angel and family office investors, with several investors from the Capital Angels Network.

RBC and BMO provided operational capital, while federal financing added non-dilutive support.

Why the Funding Matters

BluWave-ai plans to use the funding to consolidate its Canadian operations and engineering team expand its intellectual property portfolio and enhance it's Energy Storage Autopilot solution.

The company will also accelerate international business development in partnership with Global Affairs.

The investment will support further development of its technology for managing energy storage and electricity demand as utilities and businesses adopt more renewable energy and electric transportation.

Who founded BluWave-ai?

BluWave-ai was founded in 2017 by Devashish Paul. The company is headquartered in Ottawa, Canadas capital.

It works with electricity utilities, independent power producers, and EV fleet operators to improve energy costs, reduce carbon emissions and support reliable renewable energy use.

"BluWave-ai exemplifies the extraordinary potential of Canadian innovation to address some of the world's most pressing challenges while building globally competitive companies right here in Ottawa," said Sonya Shorey, President and CEO of Invest Ottawa. "From its early days in our incubator to this significant investment milestone, Dev and his team have demonstrated what is possible when visionary entrepreneurs combine world-class AI expertise with bold ambition and a commitment to global impact.

Market and Business Growth

BluWave-ai has deployed its technology to address energy grid challenges across North America, and Asia.

In Ontario, the company works with electricity utilities including Oakville Hydro, Oshawa Power and Essex Powerlines. These partnerships use EV charging as a flexible energy resource, adjusting charging demand according to grid conditions.

The company has also built an intellectual property portfolio with 84 patents filed internationally of which 17 have been granted or allowed. Its technology covers areas such as automation, energy optimisation, performance and real time operations.

What Happens Next?

BluWave-ai plans to strengthen its Canadian engineering operations improve its Energy Storage Autopilot product and expand its international business.

The company is also preparing for its next commercialisation funding round, which it says will be open to strategic energy investors, corporate venture capital firms and large family offices.

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