BluWave-ai closed an $8.1 million Series A-2 funding round. The financing combines equity, non-dilutive federal funding, and debt from RBC and Bank of Montreal. The Ottawa-based company uses AI to help utilities manage renewable energy and grid loads.
Funding structure
Angel investors and family offices joined the equity portion. Royal Bank of Canada and Bank of Montreal supplied operational capital. Debt accounted for 40 percent of the round, but the company did not provide a fuller split.
Company context
Founded in 2017, BluWave-ai has raised more than $24 million in total. The company employs about 40 people. Founder and CEO Devashish Paul is a former Royal Canadian Air Force officer and technology executive.
Product scope
The software optimizes renewable energy, battery storage, EV charging, and data center demand in real time. Utility partners in Ontario use it to manage electric vehicle charging. The company operates in Japan and Europe and holds 17 granted or allowed patents among 84 filed.
BluWave-ai will direct the proceeds toward Canadian operations, engineering, and its patent portfolio. It also plans to support international business development. The company is open to aligned corporate and institutional investors for its next commercialization round.