Mountain View, California-based energy management company Bidgely has raised US$27 million in a Series C financing, bringing its total funding to US$51 million. Georgian Partners, a Canadian growth equity firm, led the round. It was joined by existing investors, including Khosla Ventures, E.ON and innogy. Founded in 2011, Bidgely’s software-as-a-service platform applies machine learning to utility meter data to itemize the amount and cost of energy used by customers. Led by CEO Abhay Gupta, the company plans to use the proceeds of the Series C to advance its growth opportunities in the utility analytics space.
PRESS RELEASE
Bidgely Closes $27 Million Series C to Grow Disaggregation Solutions for Utilities
Investment by Georgian Partners signals that Artificial Intelligence and SaaS solutions are next significant growth opportunities for utility analytics space
January 16, 2018
MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–Bidgely announced today 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.”
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 capture 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.
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About Bidgely
Bidgely is transforming the way customers interact with their energy use. By combining the power of SaaS-based analytics with consumer-friendly web and mobile applications, Bidgely provides personalized and actionable insights that help customers save energy and enable utilities to build enduring customer relationships. The company works with utilities serving residential customers around the world. For more information, please visit www.bidgely.com or bidgely.com/blog.
About Georgian Partners
Georgian Partners is a thesis-driven growth equity firm investing in SaaS-based business software companies that exploit applied artificial intelligence, security first and conversational business. Founded by successful entrepreneurs and technology executives, Georgian Partners leverages our global software expertise to be able to directly impact the success of companies. For more information, visit www.georgianpartners.com.
Contacts
Technica Communications for Bidgely
Lisa Ann Pinkerton, 408-806-9626
Lisaann@technicacommunications.com
or
Georgian Partners
Ben Wilde
bwilde@georgianpartners.com
Photo courtesy of Bidgley