Bidgely, a Mountain View, California, cloud-based energy analytics software provider, received US$8m in growth capital financing.
CIBC Innovation Banking provided the financing.
This funding will enable the company to accelerate its growth plans across Asia, Europe and North America.
Led by Chief Executive Officer Abhay Gupta, Bidgely uses artificial intelligence (AI) solutions to transform utility meter data into business intelligence for utilities and energy retailers who seek to understand their customers. Retailers can leverage the augmented insights to personalize acquisition strategies and customer engagement, optimize retention, and to modernize grid operations.
Powered by patented technology, its UtilityAI™ Platform transforms multiple dimensions of customer data – such as energy consumption, demographic, and interactions – into deeply accurate and actionable consumer energy insights. The company leverages 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.
The company, which works with over 25 utilities and energy retailers across the globe, is backed by Georgian Partners and Khosla Ventures, as well as strategic investing utilities like E.ON, Innogy and Constellation Technology Ventures.