Energy monitoring startup Bidgely raises $27 million to expand Artificial Intelligence solution for utilities and energy retailers
Energy monitoring and SaaS-based analytics startup, Bidgely, has $27 million in Series C funding round to grow its India office and expand artificial intelligence solution for utilities and energy retailers. This is its largest round of investment to date. Founded by Indian Institutes of Technology alumni, CEO Abhay Gupta and CTO Vivek Garud, Bidgely started out at Silicon Valley’s Plug-and-Play incubator in 2011, and the high-growth energytech startup is now leading the way in the convergence of AI and energy use. The company currently has offices in Mountain View, California, Bangalore, India and the Netherlands. Bidgely has also been chosen by over 25 utilities worldwide and has several multi-million home deployments.
“Bidgely started its India office in early 2014 and today the Bangalore team is playing a central role in the company’s growth,” said Bidgely CEO, Abhay Gupta. “Our core products and innovations are being developed from our India office and the new funds will be used to continue to attract top talent to fuel our growth. We plan to expand our Bangalore office to over 200 engineers in the next twelve to eighteen months.”
The current funding round was led by Georgian Partners, an investment fund known for its focus on high-growth enterprise software companies that use applied artificial intelligence to disrupt markets. Other 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 (which means “electricity” in Hindi) is a highly energetic and innovative startup working on something that has never been done before. They have developed ground-breaking analytics that can itemize home energy usage data to the appliance level without using any plug-level monitors. Now, they are setting out to deliver this technology to millions of households across the world and help save energy on a massive scale. Bidgely enables a risk-free approach for transitioning consumers from traditional paper Home Energy Reports to electronic Home Energy Reports (eHERs). eHERs provide financial savings by reducing paper, and converting customers from paper to digital enables program targeting and paperless billing. The company has raised a total of $51.6 to date.