Bengaluru-based artificial intelligence company AutoGrid has reportedly secured funds amounting to $32 million in Series D funding. With this round, the total funding of the company as of now has reached $75 million.
The new backers comprised of CLP Holdings Group, Innogy, Ørstead, Tenaska and others. Apart from these, the existing investors that participated in the round included Energy Impact Partners, Envision Ventures, Total Energy Ventures, Clearsky Power & Technology Fund, E.ON and Foundation Capital.
“We are humbled by the trust and responsibility that some of the largest energy companies in the world are placing in us in their transformative journey towards a new energy future,” said Dr. Amit Narayan, AutoGrid chief executive officer. “We are excited by this investment, which will help us to drive forward our mission of accelerating the world’s transition to clean, affordable and reliable energy.”
The company is planning to use these funds to accelerate growth and further increase its product differentiation. The team is also expecting to hire experts in the fields of AI, big data, IoT, and energy to help develop capacity to manage an increasingly larger-scale and complex grid modernization and digital transformation projects across all over the world.