Bolo AI Raises $8.1M Seed with Custom AI for Energy

In the energy sector, capital project overruns have become the norm. According to McKinsey, 80% of major projects go over budget, by an average of $1.2 billion, while delays can stretch timelines by six months to two years. With more than $3.5 trillion in capital spending globally each year, the inefficiencies are huge. That’s the gap Palo Alto-based Bolo AI is aiming to close with artificial intelligence, by making it the operating system for heavy industries.

Founded last year by Diti Sood and Dr. Lalit Jain, Bolo AI just raised an $8.1 million seed round led by True Ventures, with participation from Benchstrength, Accomplice, J Ventures, and Beat Ventures. The funding will accelerate Bolo’s mission to build a “system of action” tailored to frontline industrial workers, an AI-powered platform that helps teams move faster, make safer decisions, and make use of knowledge from siloed legacy systems.

“I founded Bolo AI with a mission very close to my heart: to make daily work faster, safer, and better for the heavy industry worker,” said CEO Diti Sood to SiliconANGLE. “I have this rare background that combines field experience and tech, which gives me an unfair advantage to build this new operating system for the industry”.

As a field engineer with Schlumberger (SLB), one of the world’s largest oilfield service companies, Sood was the first woman in her district to join offshore rig operations in Abu Dhabi, where she worked 24-hour shifts in 120°F heat, often sleeping in her truck. “I’ve handled radioactive tools and explosives,” she said. “That gave me a front-row seat to envisioning tools to enable workers to make the best decisions no matter the challenges facing them”.