Fortech Investments funds partnership with NRGI.ai to help SMEs save on energy bills

Magda Purice Posted On March 29, 2022

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Fortech Investments invests in the Pre-Seed round of start-up partner NRGI.ai to develop an artificial intelligence-based platform that forecasts energy prices and functions as a marketplace that connects electrical energy and natural gas distributors with customers.

Consumers will be able to choose the most convenient option for provided services, in a personalized way based on preferences, consumption patterns, and an expense forecast made by the algorithm. Energy suppliers will also benefit from the platform – with the help of the analyzed information, such as consumption data, they will receive recommendations from potential customers to whom they can make offers. Currently, the solution is in the prototype stage, following the specific steps of the process: validation, development, launch to SMEs, and later, to household consumers.

This is the first investment made by Fortech Investments in 2022, to provide a digital and accessible solution to a problem that many of us have faced in the last year – the liberalization of the electricity and gas markets, which has raised many challenges, accentuated by the pandemic of recent years too. This year, the investment division wants to help several start-ups as a technology partner, in addition to the capital rounds.

“In addition to investing in start-ups, this year we want to become their technology partners. This means that we are willing to help those who want to develop a solution, but also those who have identified a problem that needs to be solved. In comparison to investing, here we get more involved and offer our resources and expertise to validate the solution, to develop and promote it to the market it serves ”, said Valentin Filip, Managing Director at Fortech Investments.

The NRGI.ai team consists of three members with extensive experience in the energy and risk management field within the energy market. Before the partnership, they developed an algorithm based on artificial intelligence, providing also consulting services to clients and companies who are now waiting to use the platform.

“High volatility in energy markets creates a huge problem for both energy consumers and suppliers. Based on my experience as an international energy analyst and my discussions with many energy consumers across Europe, we have realized that this volatility creates risks that are extremely difficult to manage and that the decisions that are made are not supported by data. My colleagues and I want to help market participants better understand this volatility and make informed, data-driven decisions so that, in the end, they can better manage their risks and reduce their costs”, explained Andrei Ilaș, CEO of NRGI.ai.

Within the project, the NRGI.ai team will coordinate the development and improvement of the algorithm that provides cost and market forecasting and will maintain the relationship with Enterprise customers. Fortech Investments will provide the framework for prototype validation, platform development, and business development capabilities needed for growth – marketing, sales, recruitment.

Until the launch of the platform, in the first half of this year, Fortech Investments continues its plans for 2022, aiming to collaborate with specialists and companies in fields like Production and MedTech to develop such solutions.

About Fortech Investments

Fortech Investments is the investment arm of Fortech and technology partner for specialists in fields such as Production and MedTech. It offers capital, smart money and other capabilities to help develop these fields with the aid of technology, via partnerships and strategic investments.