Two Canadian AI startups, Edgecom Energy and Xaba Inc., were among the winners of ABB's 2024 Startup Challenge. The competition aimed to incorporate AI into energy industry platforms to support the energy transition. Edgecom Energy developed an AI-based digital optimization engine for energy usage in buildings, while Xaba Inc. created an AI-based machine builder solution for configuring machines. The challenge received 164 applicants from 36 countries, and the winners were awarded a collaboration project with ABB worth $30,000 US and mentoring from Microsoft and Synerleap [b128c74b].
In addition to the Canadian winners, ABB's Startup Challenge showcased other innovative AI solutions in the energy industry. Enline, another winner, presented a software solution for dynamic grid management, and KUGU Home developed an AI-driven automation solution for smart buildings. The challenge received entries from around the world, highlighting the global interest in incorporating AI into the energy sector. ABB has a track record of collaborating with previous winners and finalists, demonstrating its commitment to fostering innovation in the industry [3f0fcef5].
Ndustrial, an industrial energy optimization technology company based in North Carolina, has raised $18.5 million in a Series B funding round led by ABB and GS Energy. The funding will be used to support the company's growth and its solutions to drive down energy intensity at industrial facilities. Ndustrial's platform uses AI to integrate over 60 hard-to-access production and energy data sources, providing real-time understanding of energy intensity. The company's technology has helped global industrial sites avoid over $100 million in direct energy spend. Ndustrial will partner with ABB and GS Energy to offer its energy intensity solutions to industrial companies [abaf2ed6].
Swiss startup Neural Concept has raised $27 million in Series B funding led by Forestay Capital, with participation from the D. E. Shaw group and existing investors Alven, CNB Capital, HTGF, and Aster Group. The funds will be used to consolidate Neural Concept's technology leadership and accelerate global recruitment and growth. Neural Concept provides an end-to-end platform that uses 3D deep learning to revolutionize product design and development. The company's platform reduces product development times by up to 75%, accelerates product simulation by up to 10x, and improves product characteristics by up to 30%. Neural Concept recently announced a collaboration with NVIDIA to optimize the performance of physics-driven deep learning models. Forestay Capital and the D. E. Shaw group expressed excitement about partnering with Neural Concept and extending Engineering Intelligence to more companies [67b7693a].
Team Flutto Robot won the RoboTech and Innovation (ROBIN) Competition's robo sumo challenge and received BND300. Team Byte Builder and Innovation Catalyst took the top spots for the Megatrex challenge and innovation challenge respectively. Team X AE A X-III and Genius Explorer were first and second runners-up in the robo sumo category. Tech Xplorers and Shbew Shbew were in second and third places for the Megatrex challenge. Charged with Creativity and Reverse took second and third spots in the innovation challenge. The competition was attended by representatives from the Ministry of Education (MoE), Brunei Shell Petroleum Sdn Bhd, Petrosains Malaysia, Universiti Brunei Darussalam (UBD), and Brunei Innovation Lab (BIL). The competition featured autonomous robot battles, an obstacle course challenge using VEX robots, and an innovation challenge where teams pitched ideas to achieve net zero carbon emissions. The competition was the final stage of the NXplorers Young Innovators (NXYI) journey, and top students will be selected to participate in the FIRST Global Challenge in Athens, Greece, and Petrosains RBTX Challenge in Kuala Lumpur, Malaysia.