Bidgely Closes $27M Series C to Grow Artificial Intelligence Solution for Utilities and Energy Retailers
U.S.-based Bidgely announced today the closing of a $27 million Series C round of financing, marking the largest round of investment to date for any energy disaggregation technology. Georgian Partners, an investment fund known for its focus on high-growth enterprise software companies that use applied artificial intelligence to disrupt markets, led the oversubscribed round. Returning investors include Khosla Ventures, E.ON, and innogy. Constellation Technology Ventures, the venture capital arm of Exelon Corporation, is also expected to return.
This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20180116005615/en/
Bidgely Energy Usage Itemisation (Photo: Business Wire)
“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.”
Over the last 12 months, the significant milestones Bidgely has achieved include:
- Reaching 10 million homes under contract with 25 utilities globally
- Establishing a European headquarters in the Netherlands
- Setting up a European data hosting environment via Amazon Web Services in Germany
- Strengthening security policies to be compliant with upcoming new Data Privacy Regulations in the EU
“Most progressive utilities are looking for the next innovation to help them overcome challenges and achieve strategic digital transformation objectives,” said Bidgely Head of International Business, Prateek Chakravarty. “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.”
This round of funding accelerates Bidgely’s growth in three areas:
- Expediting growth in Europe and Asia by expanding local Sales and Customer Success teams
- Deepening disaggregation strength by hiring dedicated Data Scientists for each region
- Expanding beyond consumer-facing engagement to business intelligence applied to broader decision making within utilities and energy retailers.
Bidgely raised its Series A round in 2013 and Series B round in 2015. The company has now raised a total of $51 million in funding.
Bidgely is transforming the way customers interact with their energy use. By combining the power of SaaS-based analytics with consumer-friendly web and mobile applications, Bidgely provides personalized and actionable insights that help customers save energy and enable utilities to build enduring customer relationships. The company works with utilities serving residential customers around the world. For more information, please visit www.bidgely.com or bidgely.com/blog.
About Georgian Partners
Georgian Partners is a thesis-driven growth equity firm investing in SaaS-based business software companies that exploit applied artificial intelligence, security first and conversational business. Founded by successful entrepreneurs and technology executives, Georgian Partners leverages our global software expertise to be able to directly impact the success of companies. For more information, visit www.georgianpartners.com.
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