Bidgely Closes $27M Series C to Grow Artificial Intelligence Solution for Utilities and Energy Retailers
16 January 2018 - 10:00PM
Business Wire
Investment to accelerate expansion of Bidgely
platform across Europe and Asia Pacific
U.S.-based Bidgely announced today the closing of a $27 million
Series C round of financing, marking the largest round of
investment to date for any energy disaggregation technology.
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.
This press release features multimedia. View
the full release here:
http://www.businesswire.com/news/home/20180116005615/en/
Bidgely Energy Usage Itemisation (Photo:
Business Wire)
“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
- Establishing a European headquarters in
the Netherlands
- Setting up a European data hosting
environment via Amazon Web Services in Germany
- Strengthening security policies to be
compliant with upcoming new Data Privacy Regulations in the EU
“Most progressive utilities are looking for the next innovation
to help them overcome challenges and achieve strategic digital
transformation objectives,” said Bidgely Head of International
Business, Prateek Chakravarty. “This round of investment brings
Bidgely’s AI capabilities into even greater focus, increases the
velocity of the company’s next growth phase with large utilities,
and fuels our ability to scale exponentially in global
markets.”
This round of funding accelerates Bidgely’s growth in three
areas:
- Expediting growth in Europe and
Asia by expanding local Sales and Customer Success teams
- Deepening disaggregation
strength by hiring dedicated Data Scientists for each
region
- Expanding beyond consumer-facing
engagement to business intelligence applied to broader decision
making within utilities and energy retailers.
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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180116005615/en/
Technica Communications for BidgelyLisa Ann Pinkerton,
408-806-9626Lisaann@technicacommunications.comorGeorgian
PartnersBen Wildebwilde@georgianpartners.com