West Lafayette software company lands growth investment
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Houston, Texas-based Pelican Energy Partners said this week it is investing in Blue Wave AI Labs LLC, a software company headquartered in West Lafayette. The private equity firm declined to provide a dollar figure for the investment, but told IIB it is receiving a “meaningful ownership stake” in the company.
Founded in 2016, Blue Wave has developed a software platform it says transforms historical operational data from nuclear reactors into intelligence that helps operators reduce operating and maintenance costs at the reactors.
Pelican said the software creates improved fuel use optimization and can improve plant capacity factors by better predicting component failure.
With the investment, Pelican said Blue Wave will be able to expand its customer base, geographic presence and product offerings to meet growing customer demand.
Blue Wave currently has 15 employees, and Pelican Managing Partner Mike Scott said that number is going to increase, particularly in product development and sales and marketing.
“The company has developed some outstanding products, and the intent is to now focus on business development and get these products in the hands of more customers,” Scott said in an email to IIB.
Blue Wave Executive Vice President Tom Gruenwald said the company was looking for a private equity partner that could accelerate the company’s growth both in financial performance and industry relevance.
“Pelican’s track record of working with many companies at our size and stage gave me confidence in their suggestions and recommendations of how to grow the Blue Wave team,” Gruenwald said in a news release. “Most importantly, the Pelican team, by their reputation and by my experience, is of the utmost integrity. I feel truly aligned and that we have absolute trust between us.”
Scott said with the investment, Pelican representatives will become members of Blue Wave’s board of directors.