AutoGrid Systems Inc, a Redwood City, CA-based Virtual Power Plant software provider, raised $85M in Series D-2 funding.
The round was led by SE Ventures, with participation from Moore Strategic Ventures, SolarEdge Technologies (NASDAQ: SDGE), Microsoft (NASDAQ: MSFT) Climate Innovation Fund, GS Futures, National Grid Partners, Shell Ventures, and Total Carbon Neutrality Ventures.
The company intends to use the funds for general corporate purposes to advance global brand expansion and implementation of the technology roadmap and for purchasing equity back from certain existing shareholders.
Led by Dr. Amit Narayan, founder and CEO,AutoGrid AI-driven software that aims to make electric vehicles, batteries, roof-top solar, utility-scale wind and other distributed energy resources (DERs) smart. It enables prediction, optimization, and real-time control of millions of energy assets at scale,
The AutoGrid Flex platform utilizes the spare capacity from batteries, electric vehicles and flexible load to smooth out short-term imbalances in demand and supply while providing economic incentives to the asset owner.
The new funding will be used to expand AutoGrid Flex™ platform’s capabilities and accelerate deployment at a global scale. AutoGrid will complement its investment in technology platform to build out a services organization to offer a “one-stop-shop” for the optimization and monetization of energy assets for independent power producers, energy-as-a-service companies, electricity retailers and new energy project developers. To this end, the company has established a 24×7 Networks Operation Center and plans to offer full market participation services in all the major ISOs across the United States in preparation for the impending changes related to FERC Order 2222 which allows direct participation of distributed energy resources into wholesale energy markets.