Edgecom Energy Secures A $2.5M Seed Round From Greensky Ventures and ABB Electrification Ventures To Scale Its Energy Management Solution

TORONTO, Jan. 22, 2025 /CNW/ - Edgecom Energy, a Toronto-based energy management software company, announces the successful closing of a significant investment round led by Greensky Ventures, with the participation of ABB Electrification Ventures. This strategic funding will support Edgecom Energy's expansion into new energy markets and accelerate the growth of their AI Energy CoPilot.

Energy-intensive facilities face increasingly complex challenges, which Edgecom Energy addresses by integrating Energy Management Information System (EMIS) with grid programs and leveraging Generative AI capabilities. The result is a streamlined, scalable energy management solution for commercial and industrial facilities. This innovation allows for faster implementation and easier optimization of demand flexibility through operational changes and distributed energy resources (DERs). With the global need for energy-efficient technologies delivered rapidly at scale growing faster than ever, Edgecom is at the forefront, driving progress with its integrated approach and AI-powered Energy CoPilot.

Greensky Ventures, a leading Toronto-based venture capital firm that supports Canadian startups, expressed enthusiasm about the partnership.

"Edgecom's products enable customers to manage their energy consumption more efficiently," says GreenSky Principal Moien Giashi. "As energy conservation efforts intensify globally, Edgecom's data-driven solutions will become increasingly valuable to industrial users looking to manage their energy usage. The company's planned expansion into the US market should support further growth and market penetration."

ABB Electrification Ventures, part of the group-wide ABB Ventures framework, invests in transformative technology companies that align with ABB's vision of a more sustainable, electrified, and automated world. Edgecom Energy's selection as a winner in ABB's 2024 Startup Challenge further highlights the company's leadership in energy innovation.
Mads Møller, Head of ABB Electrification Ventures, said, "We continue to be impressed by Edgecom's generative AI technology, commercial traction and experienced team. This investment reinforces our commitment to applying artificial intelligence solutions that accelerate the energy transition and enable energy savings for customers. Since 2021, the ABB Electrification business has invested more than $80 million in startup technology companies like Edgecom." 

Regarding the investment, Behdad Bahrami, CEO and Co-Founder of Edgecom Energy, said, "This investment marks a transformative moment for Edgecom Energy as we accelerate our mission to redefine energy management for the commercial and industrial sectors. With the support of Greensky Ventures and ABB Electrification Ventures, we are scaling our AI-powered Energy CoPilot to bring smarter, faster, and more impactful solutions to energy-intensive facilities worldwide. The race to net-zero demands bold innovation, and our platform delivers—helping clients cut costs, reduce emissions, and optimize their operations while strengthening the grid. By expanding into new markets and advancing our technology, we're empowering businesses to achieve unprecedented levels of energy efficiency and operational excellence. The urgency for energy efficiency has never been greater, and this funding propels us to deliver tangible, immediate impact today, while equipping our clients to stay ahead of the curve, ensuring they are ready for the future of energy consumption and optimization."

Mehdi Parvizi, CTO and Co-Founder of Edgecom Energy, comments, "Our AI Energy Copilot, powered by the latest advancements in Large Language Models (LLMs), is evolving into a smarter, more intuitive engine that mimics human decision-making. This innovation is paving the way for a 'super energy manager' capable of minimizing downtime, cutting energy consumption, and optimizing operations. Building on this foundation, we are developing habit-forming technology through a tech-enabled platform seamlessly integrated with our services. Inspired by our partnership with ABB, we are transforming energy management and leading the way toward a smarter, more sustainable future."

About GreenSky Ventures:

GreenSky Ventures is an award-winning Toronto-based firm that invests in early-stage Canadian technology companies through its affiliated venture capital fund, GreenSky Accelerator Funds I – VI. GreenSky principals bring a combination of experience in technology, entrepreneurship, law, and finance to high-growth potential companies and dedicated entrepreneurs. Learn more about GreenSky at greensky.vc.

About ABB

ABB is a global technology leader in electrification and automation, enabling a more sustainable and resource-efficient future. By connecting its engineering and digitalization expertise, ABB helps industries run at high performance, while becoming more efficient, productive and sustainable so they outperform. At ABB, we call this 'Engineered to Outrun'. The company has over 140 years of history and more than 105,000 employees worldwide. ABB's shares are listed on the SIX Swiss Exchange (ABBN) and Nasdaq Stockholm (ABB). www.abb.com    

About ABB Electrification  

ABB Electrification is a global technology leader enabling the efficient and reliable distribution of electricity from source to socket. With more than 50,000 employees across 100 countries, we collaborate with our customers and partners to solve the world's greatest challenges in electrical distribution and energy management. As the energy transition accelerates and electricity demands grow, we are electrifying the world in a safe, smart and sustainable way. At ABB, we are engineered to outrun, and we are passionate about helping our customers and partners do the same. go.abb/electrification 

About Edgecom Energy

Edgecom Energy is a Toronto-based energy management software and solutions provider. The company's platform takes a holistic approach to energy management, covering peak demand predictions, demand response, real-time monitoring, and distributed energy resource management. Edgecom's unique platform leverages AI to accelerate data collection and decision-making, providing its customers with a cutting-edge AI Energy CoPilot. Learn more at edgecom.ai.

SOURCE Edgecom Energy

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