Bidgely has announced that it has closed a $27 million Series C round of financing — the largest round of investment to date for energy disaggregation technology.
Georgian Partners, an investment fund known for its focus on high-growth enterprise software companies that use applied artificial intelligence to disrupt markets, led the oversubscribed round.
Returning investors include Khosla Ventures, E.ON, and Innogy. Constellation Technology Ventures, the venture capital arm of Exelon Corporation, is also expected to return.
“We invest in high-growth SaaS companies that are applying AI to solve real-world business problems,” said Simon Chong, managing partner at Georgian Partners.
“Bidgely is using machine learning to fundamentally reinvent customer engagement with utilities and enable a new class of business analytics. We believe that they’re at the forefront of innovation in the energy space and are excited to partner with them as they continue their important work.”
“Bidgely is using machine learning to fundamentally reinvent customer engagement with utilities and enable a new class of business analytics. We believe that they’re at the forefront of innovation in the energy space and are excited to partner with them on they continue their important work.”
According to a company release, over the last 12 months, Bidgely has achieved several significant milestones. These have included:
Launching the third iteration of its disaggregation platform, including support for audits and surveys
Expanding beyond a mobile app to offer omnichannel engagement
Announcing support for non-smart meter homes to expand the addressable market
These advances have skyrocketed interest in the technology, allowing Bidgely to service 10 million homes under contract with 25 global utilities.
“Most progressive utilities are looking for the next innovation to help them overcome challenges and achieve strategic digital transformation objectives,” said Bidgely CEO Abhay Gupta.
“This round of investment will bring Bidgely’s AI capabilities into even greater focus, increase the velocity of the company’s next growth phase with large utilities, and fuel its ability to scale exponentially in global markets.”
This round of funding will be used to accelerate Bidgely’s growth in three areas:
Accelerating growth in existing markets by widening the company’s sales footprint
Growing the product offering by expanding beyond residential demand-side management
Expanding beyond consumer-facing engagement to business intelligence applied to broader decision-making within utilities and energy retailers.
Bidgely raised its Series A round in 2013 and Series B round in 2015. The company has now raised a total of $51 million in funding.