Utilidata, a Providence, RI-based grid-edge software company, secured $26.75m in funding.
The round was led by Louis Bacon’s Moore Strategic Ventures (MSV), with participation from the Microsoft Climate Innovation Fund and NVIDIA, as well as existing investors Keyframe Capital, Braemar Energy Ventures, and MUUS Asset Management.
The company intends to use the funds to expand operations and its business reach.
Led by CEO Josh Brumberger, Utilidata provides a patented real-time machine learning software platform that leverages data from every point on the distribution grid to enhance visibility, optimize operations, detect anomalies, and integrate distributed energy resources. The system leverages real-time data and machine learning to enhance grid resiliency, integrate distributed energy resources (DERs) — including solar, storage, and electric vehicles (EVs).
Utilidata is working with NVIDIA to develop a smart grid chip that can be embedded in smart meters and other grid-edge devices. The smart grid chip will serve as the platform for managing real-time, autonomous, and decentralized grid operations. The U.S. Department of Energy’s National Renewable Energy Laboratory will be among the first to test the smart grid chip.
FinSMEs
09/02/2022