AutoGrid Systems, a Redwood City, CA-based provider of Energy Internet software applications, raised over $20m in Series C-2 funding.
The round was led by utility-backed fund Energy Impact Partners (EIP), an investment firm representing four of the largest utilities in the United States and United Kingdom, and Envision Ventures, a Silicon Valley-based fund focused on software for big data, the Industrial Internet of Things (IoT) and security, with participation from Envision Energy and existing investor E.ON. In conjunction with the funding, Michael Donnelly, an EIP Partner, will be joining AutoGrid’s board of directors.
The company plans to use the funds to further develop its Energy Internet suite of applications and to extend marketing and sales efforts in North America, Asia and Europe.
Led by Dr. Amit Narayan, founder and CEO, AutoGrid provides an integrated suite of Energy Internet software applications which allows utilities, electricity retailers, renewable energy project developers and energy service providers to deliver clean energy by managing networked distributed energy resources (DERs) in real time and at scale. The company’s applications are built on the a proprietary platform (AutoGrid Energy Data Platform), with predictive technology that leverages petabytes of smart meter, sensor and third-party data, along with data science and computing algorithms, to monitor, predict, optimize and control the operations of millions of assets connected across global energy networks.
Users include leading energy companies such as E.ON, Bonneville Power Administration, Florida Power & Light, Southern California Edison, Eneco, Portland General Electric, CPS Energy, New Hampshire Electric Cooperative, NextEra Energy and CLEAResult.