Bidgely Closes $27M Series C to Grow India Office and Expand Artificial Intelligence Solution for Utilities and Energy Retail...
January 16 2018 - 6:00AM
Business Wire
High-growth startup founded by Indian
Institutes of Technology alumni to increase hiring at Bangalore
office
U.S.-based Bidgely announced today that it has closed a $27
million Series C round of financing — the largest round of
investment to date for energy disaggregation technology. Founded by
Indian Institutes of Technology alumni, CEO Abhay Gupta and CTO
Vivek Garud, Bidgely started out at Silicon Valley’s Plug-and-Play
incubator in 2011, and the high-growth energytech startup is now
leading the way in the convergence of AI and energy use. The
company currently has offices in Mountain View, California,
Bangalore, India and the Netherlands.
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.
“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
- Launching the third generation of its
disaggregation platform
“Bidgely started its India office in early 2014 and today the
Bangalore team is playing a central role in the company's growth,”
said Bidgely CEO, Abhay Gupta. “Our core products and innovations
are being developed from our India office and the new funds will be
used to continue to attract top talent to fuel our growth. We plan
to expand our Bangalore office to over 200 engineers in the next
twelve to eighteen months.”
This round of funding will be used to accelerate Bidgely’s
growth in three areas:
- Expanding Bangalore office with
dedicated engineers and data scientists to deepen Bidgely’s already
strong disaggregation technology
- Accelerating growth in Europe and
Asia by expanding local sales and customer success teams
- Expanding beyond consumer-facing
engagement to business intelligence applied to broader decision
making within utilities
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.
About Bidgely
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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version on businesswire.com: http://www.businesswire.com/news/home/20180116005619/en/
Technica Communications for BidgelyLisa Ann Pinkerton,
408-806-9626Lisaann@technicacommunications.comorGeorgian
PartnersBen Wildebwilde@georgianpartners.com