Utilidata, a US-based energy technology company which helps electric utilities to reduce energy waste, is reported in The Providence Journal to have raised $20.5m from Saudi Aramco Energy Ventures, a venture capital subsidiary of Saudi Arabian Oil Company, and from venture capital firm Formation 8.
Jim Kim, partner and founder of Formation 8, has joined Utilidata’s board of directors.
The funding will be used by Utilidata to expand into the Middle East and Asia.
In total, Utilidata is reported to have raised $25m in funding so far. Previously, In February 2012, Utilidata raised an undisclosed amount of financing from Braemar Energy Ventures, backed by US-based energy supplier American Electric Power, which is one of Utilidata’s main clients.