AutoGrid, a Redwood City, Calif.-based leader in artificial intelligence (AI)-driven optimization and controls for the energy industry, closed on a $32m Series D funding round.
The round – which brought total funding raised to date to $75m – was led by a global consortium of energy companies, including:
– CLP Holdings Group,
– National Grid Partners
– Energy Impact Partners,
– Envision Ventures,
– Total Energy Ventures,
– Clearsky Power & Technology Fund,
– E.ON, and
– Foundation Capital.
The company intends to use the funds:
- to hire in energy, AI, big data and Internet of Things (IoT) areas to develop capacity to manage large-scale and complex grid modernization and digital transformation projects across the globe, and
- to accelerate commercial deployment of the AutoGrid Flex™ platform across North America, Europe and Asia-Pacific.
Led by Dr. Amit Narayan, chief executive officer, AutoGrid builds software applications that utilize artificial intelligence, machine learning, big data and IoT technologies to allow utilities, electricity retailers, renewable energy project developers and energy service providers to deliver clean, affordable and reliable energy by managing networked distributed energy resources (DERs) in real time and at scale.
The company has more than 3,500 megawatts of flexible capacity from DERs under contract and its customer list includes National Grid, NextEra Energy, E.ON, Total, Xcel Energy, China Light and Power and over 30 other global energy companies around the world.