Bidgely, the US-based creator of an energy analytics platform for consumers, completed a $27m series C round yesterday that included energy utilities Eon and RWE.
Growth equity firm Georgian Partners led the round, which included venture capital firm Khosla Ventures. RWE participated through its renewables subsidiary, Innogy, while energy company Exelon’s corporate venturing unit, Constellation Technology Ventures, was also expected to take part, Bidgely said.
Bidgely has built an artificial intelligence-equipped web and mobile analytics platform that works with energy suppliers to provide users with details on their activity that can be used to save energy. It also enables them to compare their energy use with those of other homes.
Prateek Chakravarty, head of international business for Bidgely, said: “Most progressive utilities are looking for the next innovation to help them overcome challenges and achieve strategic digital transformation objectives.
“This round of investment brings Bidgely’s AI capabilities into even greater focus, increases the velocity of the company’s next growth phase with large utilities, and fuels our ability to scale exponentially in global markets.”
The capital will be used to expand the company’s data science, sales and customer success teams in Europe and Asia, and to expand its technology offering to serve businesses as well as consumers.
The round took Bidgely’s total funding to $51m, it said. Its last round was a $16.6m series B in 2015 led by Constellation Technology Ventures and backed by Eon, RWE and existing investor Khosla Ventures.