[Funding alert] AI-powered SaaS company Bidgely raises $26M from Moore Strategic Ventures, others
California and Bengaluru-basedon Thursday announced the closing of a $26 million round of strategic financing to bolster its UtilityAI™ platform deployed around the world.
Led by Moore Strategic Ventures, the round was also joined by Accurant International, an investment venture of Bahman Hoveida, Co-founder and ex-CEO of Open Systems International.
The oversubscribed round also included existing investors, such as Future Energy Ventures, Georgian, and Constellation Technology Ventures.
Earlier this year, Bidgely had raised funding fromto enable Indian utility companies to leverage technology and analytics to bring in operational efficiencies and improve customer experience, along with upgrading traditional infrastructure.
This new investment will enable Bidgely to provide tailored solutions that support the country’s biggest utility needs: electricity theft prevention, grid stability, and electric vehicle (EV) accommodation.
Bidgely raised its last $27 million Series C round in 2018. The company has now raised a total of $77 million in funding.
“Bidgely’s Silicon Valley roots and strong engineering arm in India play not only to our strength of providing AI technology to established markets like North America and Europe but also to our ability to address key issues in emerging markets,” said Abhay Gupta, CEO of Bidgely.
“India’s energy landscape, specifically, is evolving rapidly, and our work around theft detection and grid stabilisation goes to the heart of problems that cost the utility industry billions of dollars a year,” he added.
Bidgely pioneered load disaggregation, holds 17 patents for its technology and partners with nearly 40 global utilities and energy retailers to glean valuable customer energy insights using data from smart meters already installed in the home.
Processing over two billion energy data points a day, the company’s proven approach to AI-powered analytics can leverage India’s growing network of smart meters, it said in a press statement.
Additionally, in working with a private Indian electricity distribution company (DISCOM), Bidgely has demonstrated the acute ability to detect non-technical losses through disaggregated smart meter data, perhaps the biggest pain point for most Indian DISCOMs.
Bidgely is also targeting multiple use cases, including AI-based short-term load forecasting, analytics-based customer indexing, and asset predictive maintenance to solve multiple challenges for DISCOMs.