Splight: Chilean AI startup receives $2 million investment from EDP Ventures
The investment by the group that manages EDP Renewables is the first in a Latin American startup outside Brazil.
The EDP group, which controls EDP Renewables, will invest $2 million in Splight, a Chilean startup that develops artificial intelligence and data science technologies to promote maximum efficiency in systems related to renewable energy generation.
The investment is made through the group’s corporate venture capital fund, EDP Ventures, and will be the first made in a Latin American startup outside Brazil, reinforcing EDP’s focus on expanding its operations in this region.
The decision to invest in the startup is mainly based on the alignment of the business model with EDP’s strategy, which will generate several opportunities related to the operation of renewable assets, such as data integration, optimization of operation and maintenance (O&M) costs, the use of data for improvements in the construction process and for decision-making in the operation or greater clarity on grid capacity with the expansion of distributed solar energy, among others.
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“The investment in Splight is in line with our strategy to increase investment in startups throughout Latin America, strengthening our global operations. Splight’s model has synergies with several of the company’s businesses. EDP group in Brazil and other geographies, and can help us leverage our operations, providing artificial intelligence solutions to optimize the operation of renewable energy parks,” he says Carlos Andrade, Vice President of Customers and Innovation at EDP Brazil and Partner at EDP Ventures.
What does Splight do?
Founded in 2021, Splight has developed a platform aimed at different agents in the electricity sector (generators, distributors, system operators) capable of improving the management of grids and assets such as solar and wind plants.
Without the need for additional hardware, the solution collects data from different sources (APIs, SCADAs) and implements AI and machine learning algorithms to optimize operational decisions in real time. The business model is Software as a Service (SaaS) and the startup is recognized in the market, having won several international awards.
EDP Renewables y Andes Solar firman acuerdo para el desarrollo de más de 450 MW de energía eólica en Chile
Currently, a significant part of the renewable energy generated is lost due to a lack of optimization of grids, generation assets and storage systems.
According to Allied Market Research, the market for artificial intelligence applied to energy could reach almost 20,000 million dollars in the next three years, with a forecast of growth of 17.4% annually over the next decade.
Splight wants to anticipate this trend and consolidate its position as a pioneer in this still underexplored niche market, providing innovative solutions that combine AI with energy efficiency.
Meanwhile, aware of the transformations in the electricity sector, the EDP group has sought to play a leading role in the energy transition, reinforcing investments in renewable sources and innovation.
With a strong investment portfolio in Brazil and Latin America in general, Europe, the United States and Asia-Pacific, EDP Ventures’ focus in 2024 is to generate more value for startups already supported through a suite of benefits, including the mapping of strategic partnerships for investee companies.
This is also a sign of the company’s commitment to the Chilean market. The EDP group has significantly consolidated its presence in the renewable energy sector in the country through its subsidiary EDP Renewables (EDPR), which entered the market in 2021.
EDPR has an installed capacity of more than 16.6 GW worldwide and in Chile the company recently won a public tender to implement renewable energy projects totaling more than 300 MW for the country.