Founded by Indian Institutes of Technology alumni, CEO Abhay Gupta and CTO Vivek Garud, 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.
US based Bidgely started from Silicon Valley have 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.