US-based energy usage analytics producer Bidgely received $16.6m in series B funding today in a round led by Constellation Technology Ventures, the corporate venturing unit of energy company Exelon.
Utility companies E.On and RWE as well as venture capital firm Khosla Ventures also participated in the round.
Founded in 2011, Bidgely markets an analytics software-as-a-service named HomeBeat, which enables homeowners to keep track of their energy usage.
The commitment of Europe-based utilities will support Bidgely’s goal of expanding across that continent. The money will also support further staff recruitment, after Bidgely already trebled the number of employees since last year.
Khosla previously invested $5m in series A funding in 2013, following a $3m commitment in 2012.
Abhay Gupta, chief executive of Bidgely, said: “Our success in helping utilities transition to a more consumer-centric engagement model has led to this investment by the very community that we serve.
“This will accelerate our already rapid market adoption with several full-scale deployments globally. Our HomeBeat platform gives consumers information and guidance at their fingertips and helps utilities earn customer loyalty in an evolving energy landscape.”