Bidgely announced the closing of a $26M round of strategic financing to bolster its utility electrification and decarbonization innovations deployed around the world. Led by Moore Strategic Ventures (MSV), the round is 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.
“The investment in Bidgely supports MSV’s strong track record of advancing the energy transition,” said James McIntyre, senior managing director and COO of Moore Strategic Ventures. “Bidgely and its suite of solutions are uniquely positioned to empower utility customers while increasing their focus on the climate and reducing environmental and economic waste.”
Bidgely, a pioneer of disaggregation, holds 17 patents for its technology, including EV disaggregation techniques. Bidgely 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. As the only SaaS company in the energy market that purely uses smart meter (AMI) data to provide visibility into which homes have EVs and when they are charging, Bidgely is actively aiding the adoption of EVs with time-of-use (TOU) rates and load shifting strategies. This requires no dependency on Department of Motor Vehicles (DMV) or opt-in methods of data collection for EV ownership.
“The integration of distributed energy resources, or DERs, will continue to be critical in the next decade for effective distribution grid management as decarbonization efforts intensify worldwide,” said Hoveida. “In absence of direct DER metering, Bidgely’s energy disaggregation technology can accurately identify DERs, such as EVs, rooftop solar and batteries, behind the utility meter to provide critical data with the highest accuracy to Advanced Distribution Management Systems. Accurate renewables and load data, including accurate forecasts, are essential for effective and predictable operation of the distribution grid.”
Bidgely CEO Abhay Gupta commented, “Adding new strategic and experienced investors to our roster renews our mission to be the clean energy accelerator for utilities. Our recent recognitions are underscored by this new capital, such as being an Inc. 5000 award recipient; our industry leadership in the HEM market and Smart Meter Analytics space, as recognized by Guidehouse Insights; and our CX space leadership, recognized by IDC. This collectively illustrates our strong position to bring forward electrification and decarbonization progress at scale.”
Bidgely will be using the new funding to continue innovating around decarbonization and beneficial electrification solutions for both utilities and their customers. This includes next-generation digital customer engagement and home energy reports (HERs) as well as grid load management and load research advancements. The company will also continue integration strategies with partners like Salesforce, Itron and more.
Bidgely raised its last $27M Series C round in 2018. The company has now raised a total of $77 million in funding.