Bidgely Secures US$8 Million Financing from CIBC Innovation Banking to Accelerate Growth
24 September 2020 - 11:00PM
Business Wire
CIBC Innovation Banking is pleased to announce a US$8 million
growth capital financing for cloud-based energy analytics software
provider, Bidgely. Based in Mountain View, California, this funding
will enable Bidgely to accelerate its growth plans across Asia,
Europe and North America.
Bidgely uses artificial intelligence (AI) solutions to transform
utility meter data into business intelligence for utilities and
energy retailers who seek to better understand their customers.
Retailers can leverage the augmented insights to personalize
acquisition strategies and customer engagement, optimize retention,
and to modernize grid operations. Bidgely works with over 25
utilities and energy retailers across the globe, and is backed by
leading investment firms Georgian Partners and Khosla Ventures, as
well as strategic investing utilities like E.ON, Innogy and
Constellation Technology Ventures.
“Bidgely has ingrained itself as a trusted business intelligence
partner in the utility and energy sector,” said Amy Olah, Executive
Director in CIBC Innovation Banking’s Toronto office. “Their
digital resilience has been amplified during the ongoing pandemic
with retailers leaning heavily on their ability to remotely
understand and connect with customers.”
“Bidgely’s UtilityAI platform provides solutions that
hyper-personalize customer engagement across a utility’s
organization, such as customer call centres, data analytics and
integrated marketplaces,” said Bidgely's Chief Executive Officer
Abhay Gupta. “In 2020, we further expanded our portfolio to include
electrification and electric vehicles, small-medium business and
commercial customer segments. The investment from CIBC Innovation
Banking is an important step that allows us to scale go-to-market
operations globally while continuing to accelerate the development
of our UtilityAI platform."
About CIBC Innovation Banking
CIBC Innovation Banking delivers strategic advice, cash
management and funding to North American innovation companies at
each stage of their business cycle, from start up to IPO and
beyond. With offices in Atlanta, Austin, Chicago, Denver, Menlo
Park, Montreal, Reston, Toronto and Vancouver, the team has
extensive experience and a strong, collaborative approach that
extends across CIBC’s commercial banking and capital markets
businesses in the U.S. and Canada.
About Bidgely
Bidgely is an AI-powered SaaS Company that enables utilities to
create greater business value and accelerate our path towards zero
carbon by delivering personalized customer experience. Powered by
our unique patented technology, Bidgely's UtilityAI™ Platform
transforms multiple dimensions of customer data - such as energy
consumption, demographic, and interactions - into deeply accurate
and actionable consumer energy insights. We leverage these insights
to empower each customer with personalized recommendations,
tailored to their individual personality and lifestyle, usage
attributes, behavioral patterns, purchase propensity, and beyond.
From smart thermostats to EV chargers, solar PVs or personalized /
ToU tariffs, UtilityAI™ recommends new value-added products and
services to the right customer at the right time. With roots in
Silicon Valley, Bidgely has over 15 energy patents, $50M+ in
funding, retains 30+ data scientists, and brings a passion for AI
to utilities serving residential customers around the world. For
more information, please visit www.bidgely.com or the Bidgely blog
at bidgely.com/blog.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200924005070/en/
Katarina Milicevic, katarina.milicevic@cibc.com,
416-586-3609
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