BluWave-ai Closes $8.1M Series A-2 to Scale AI Grid Software

BluWave-ai closed $8.1 million in financing on November 12, 2026, to expand its AI software for electricity grids and electrified transport. The Ottawa-based company has now raised more than $24 million since its founding in 2017.

The package combines a Series A-2 equity close, new non-dilutive federal project financing, and operational capital from Royal Bank of Canada and Bank of Montreal. Investors include new and returning international angels and family offices, several of them from Capital Angels Network.

The round matters because grid operators face rising demand from EV charging, battery storage and AI compute loads at the same time. BluWave-ai sells software that optimizes those loads in real time, and the company now has capital to push the products from Canadian deployments into international markets.

Where will the money go?

The proceeds will strengthen Canadian operations and the engineering team, develop the patent portfolio, and support international business development and global expansion. The company is working with Global Affairs Canada on expansion in areas the federal government has identified as priorities.

RBCx is providing operating capital and banking support. BMO is supplying treasury and payment services.

BluWave-ai reports 84 international patent filings, with 17 granted or allowed. The portfolio covers automation, performance, optimization, fast adaptation and real-time operation — the technical areas underpinning its energy-control products.

Part of the federal non-dilutive financing will enhance Energy Storage Autopilot, a product the company says already has multiyear deployments in Canada.

What does the software actually control?

BluWave-ai says its shared AI engine supports three products:

• EV Everywhere for managed charging
• Energy Storage Autopilot for stationary batteries
• Data Center Autopilot for flexible AI compute loads

The software optimizes renewable energy, battery storage, dynamic pricing markets, EV charging and data-center energy use in real time. The technology is deployed across North America and Asia.

In Ontario, BluWave-ai works with utilities including Oakville Hydro, Oshawa Power and Essex Powerlines to build province-wide EV-based energy storage. The system shifts EV charging demand in real time relative to grid conditions and constraints.

The company says this approach can prevent local grid overloads, reduce the use of high-emission natural-gas generation, and reduce required capital upgrades to the grid.

Who joined the board?

BluWave-ai appointed Mario Montana and Suzanne Grant to its board of directors.

Montana brings operational leadership experience in semiconductors and energy, including a career at Integrated Device Technology, now Renesas Technologies. Grant is a Canadian Armed Forces veteran and entrepreneur who serves as executive director of Capital Angels Network, adding experience in venture financing and scaling technology companies from Canada to the Middle East. Both worked with BluWave-ai's operational management to advance the A-2 round.

Why another private round now?

Founder and CEO Devashish Paul said the board and past investors decided to close another private-capital round before what the company expects to be a larger institutional investment round.

"The round structure provides full flexibility to chart BluWave-ai's strategic direction with all investors including management as common shareholders," Paul said.

For its next commercialization round, the company remains open to strategic energy investors, corporate venture capital, institutional investors and large family offices. The financing is aimed at converting existing utility and storage deployments into wider international business, while the common-share structure preserves strategic flexibility ahead of the larger institutional round management expects.

The next test is whether the deployments in Ontario, North America and Asia convert into the international revenue base that a larger institutional round would price.