SAN FRANCISCO, Oct. 3, 2018 /PRNewswire/ -- innogy New Ventures LLC, part of the innogy Innovation Hub and an affiliate of innogy SE, a leading German energy company, announced today that it will partner with BootstrapLabs, a leading venture capital firm focused on Applied Artificial Intelligence (AI), for AI and Energy venture investments.
"As a venture capital firm focused on Applied AI, we believe that the advances made from deep learning and machine learning algorithms will revolutionize both the demand and supply side of the energy economy. With about 22 million customers and activities in 15 countries, innogy is the perfect partner to help us validate use cases quickly and scale our venture investments globally," said Nicolai Wadstrom, Founder and Managing Partner of BootstrapLabs.
As part of the strategic collaboration, the innogy Innovation Hub's Palo Alto outpost has invested an initial sum of $5 million in BootstrapLabs' Applied AI Funds and will gain access to BootstrapLabs' decades of AI technology expertise and global community of 40,000 Applied AI experts, entrepreneurs, and developers.
Together the companies bring a unique combination of Applied AI and Energy industry domain expertise to tackle the world's most difficult energy challenges, such as industrial manufacturing sustainability, the management of autonomous electric vehicle fleets, cybersecurity, and smart / connected homes and cities.
"At the innogy Innovation Hub, we believe that AI will fundamentally change every industry – including energy. Our task is to seek out new business models, form promising partnerships and test new ideas that will shape the energy market of the future. BootstrapLabs is an ideal partner for us due to their focus on Applied Artificial Intelligence, and together we are looking forward to co-creating the future of energy." Thomas Birr, SVP Innovation & Business Transformation, innogy SE and CEO of the innogy Innovation Hub
BootstrapLabs and the innogy Innovation Hub will coordinate globally to build the largest artificial intelligence community for energy ecosystems, and provide a combination of capital and support to Applied AI startups that reimagine the future of energy production, distribution and management across decentralized and interconnected energy services for consumers, machines, enterprises, and public sector agencies.
innogy Innovation Hub, innogy New Ventures LLC
Founded in 2008, BootstrapLabs is a leading Venture Capital firm based in Silicon Valley and focused on Applied Artificial Intelligence. We invest in founders that dream big and are solving today's hardest problems by applying artificial intelligence to shape a better future for all.
BootstrapLabs works closely with some the world's most prominent families and their multinational corporations to actively invest in artificial intelligence (AI) and machine learning (ML) startups targeting large global markets including Industrial Manufacturing, Transportation, Logistics, FinTech, Enterprise Productivity, Cybersecurity, and Healthcare.
BootstrapLabs is often the first institutional money and acts as a lead investor in the early stages, with follow-on capital at the growth stages.
Select portfolio companies include AEye, Mendel Health, Qurious, Vidora, Sibly, Myia Labs, Indus.ai, iUNU, SmartEar, Nodle.ai, Roger, Prezi, Pryon, Trusted Insight, and AngelList.
BootstrapLabs leverages its large community of over 40,000 Applied AI experts, entrepreneurs, and developers to support its portfolio companies and investment strategies.
For more information visit: https://bootstraplabs.com
About the innogy Innovation Hub
The innogy Innovation Hub believes that new technologies, business models and consumption patterns will redefine the energy market of the future. We believe this future will be driven by four core global trends: decarbonization, decentralization, digitization, and democratization. innogy Innovation Hub's mission is to drive this vision for the future of energy by being a sector disruptor: by identifying the game-changing technologies, ideas, individuals and businesses that will help build that future, wherever they are, providing funding, mentoring and a platform for co-creation, collaboration, and convergence.
The innogy Innovation Hub has created a €150m portfolio through investing in disruptive individuals, start-ups and early stage businesses and provided opportunities for 80+ start-up and scale-up companies to collaborate. It has innovation teams in Silicon Valley, Tel Aviv, London, and Berlin. The innogy Innovation Hub is funded by innogy SE.
For more information visit: https://innovationhub.innogy.com
About innogy SE
innogy SE is a leading German energy company, with revenues of around €43 billion (2017), more than 42,000 employees and activities in 15 countries across Europe. With its three business segments Renewables, Grid & Infrastructure and Retail, innogy addresses the requirements of a modern, decarbonized, decentralized and digital energy world. Its activities focus on its about 22 million customers, and on offering them innovative and sustainable products and services which enable them to use energy more efficiently and improve their quality of life.
More information is available on our website: https://www.innogy.com
Keywords: Artificial Intelligence, Applied AI, Energy, Venture Capital