US-based energy management technology developer Autogrid has raised $32m in a series D round that included renewable energy producer Orsted, petroleum supplier Total and energy utilities CLP, Innogy, Tenaska and Eon.
Clearsky Power & Technology Fund, Foundation Capital, Envision Ventures, Energy Impact Partners (EIP) and also took part in the round, with Total investing through its Total Energy Ventures unit.
Founded in 2011, Autogrid has developed a software platform that helps utilities, electricity retailers, renewable energy power providers and energy service providers manage their resources.
The company’s Energy Data Platform utilises artificial intelligence, machine learning, big data and internet-of-things technology to help users supply cleaner and more cost-effective energy.
The proceeds from the round will fund the commercial deployment of the software across North America, Europe and the Asia Pacific region.
Austin Bryan, senior director of innovation and ventures for CLP, said: “By partnering with Autogrid, we are learning to turn flexible energy resources into balanced real-time energy services.
“We are increasing productivity and value of our energy assets and unlocking the possibility of exciting new digital energy services for our customers.”
In May 2016, the company closed a $20m funding round led by EIP that included Eon subsidiary Eon Venture Partners, Envision Ventures, Foundation Capital and Voyager Capital.
Eon, Foundation and Voyager had combined to invest $12.8m in Autogrid in early 2014, after the latter two had joined Stanford University to provide $9m in 2012.