Bidgely Secures $26Mn Funding
Funds to be utilized in the company's expansion of AI-powered smart meter data analytics solutions to international markets, including India
Bidgely—an artificial intelligence (AI)-powered software-as-a-service (SaaS)company accelerating a clean energy future by enabling energy companies and consumers to make data-driven energy-related decisions—on Thursday announced the closing of a $26 million round of strategic financing to bolster its UtilityAI™ platform deployed around the world. Led by Moore Strategic Ventures, the round is joined by Accurant International, an investment venture of Bahman Hoveida, co-founder and ex-chief executive officer, Open Systems International. The oversubscribed round also included existing investors, such as Future Energy Ventures, Georgian, and Constellation Technology Ventures.
As India’s extensive smart meter penetration continues, this new investment enables Bidgely to provide tailored solutions that support the country’s biggest utility needs: electricity theft prevention, grid stability, and electric vehicle (EV) accommodation.
“Bidgely’s Silicon Valley roots and strong engineering arm in India play not only to our strength of providing AI technology to established markets like North America and Europe but also our ability to address key issues in emerging markets,” mentioned Abhay Gupta, chief executive officer, Bidgely. “India’s energy landscape, specifically, is evolving rapidly, and our work around theft detection and grid stabilization go to the heart of problems that cost the utility industry billions of dollars a year.”
Earlier in the year, to accelerate the growth in the Indian market, Bidgely had raised funding from IvyCap Ventures to enable Indian utility companies to leverage technology and analytics to bring in operational efficiencies and improve customer experience along with upgrading traditional infrastructure.
Bidgely pioneered load disaggregation, holds 17 patents for its technology and partners with nearly 40 global utilities and energy retailers to glean valuable customer energy insights using data from smart meters already installed in the home. Processing more than two billion energy data points a day, Bidgely’s proven approach to AI-powered analytics is one that can leverage India’s growing network of smart meters, the company said.
Additionally, in working with a leading private Indian electricity distribution company (DISCOM), Bidgely has demonstrated the acute ability to detect non-technical losses through disaggregated smart meter data, which is perhaps the biggest pain point for most Indian DISCOMs. Bidgely is also targeting multiple use cases including AI-based short-term load forecasting, analytics-based customer indexing, and asset predictive maintenance to solve multiple challenges for DISCOMs, the company further shared.
Bidgely raised its last $27 million Series C round in 2018. The company has now raised a total of $77 million in funding.