Bidgely, a California-Bangalore based software-as-a-service (SaaS) startup, has secured USD 26 million in a strategic financing round held on 17 September 2021.
Investors: Moore Strategic Ventures led the financing round, which was accompanied by Accurant International, as well as existing investors Future Energy Ventures, Georgian and Constellation Technology Ventures.
The objectives behind the funding: The startup plans to deploy the proceeds to further strengthen its innovation around utility electrification and decarbonisation solutions for both utilities and their customers. This includes digital customer engagement and home energy reports (HERs), electricity theft prevention, grid stability, load research advancements and electric vehicle (EV) accommodation.
Founded in 2011 by two guys Abhay Gupta and Vivek Garud, in a garage in the heart of Silicon Valley. Bidgely provides artificial intelligence (AI)-based software-as-a-service (SaaS) solutions to help customers to monitor individual appliances and their energy consumption and electricity distribution companies (discoms) to modernise their grid operations. Bidgely holds 17 patents for its technology and partners with around 40 global utilities and energy retailers.
What the Founder has to say:
Bidgely CEO Abhay Gupta said, “Adding new strategic and experienced investors to our roster renews our mission to be the clean energy accelerator for utilities. Our recent recognitions are underscored by this new capital, such as being an Inc. 5000 award recipient; our industry leadership in the HEM market and Smart Meter Analytics space, as recognized by Guidehouse Insights; and our CX space leadership, recognized by IDC. This collectively illustrates our strong position to bring forward electrification and decarbonization progress at scale.”
What the Investor has to say:
“The investment in Bidgely supports MSV’s strong track record of advancing the energy transition. Bidgely and its suite of solutions are uniquely positioned to empower utility customers while increasing their focus on the climate and reducing environmental and economic waste,” commented James McIntyre, senior managing director and COO of Moore Strategic Ventures.
Rising Indian Economic growth continues to drive change in the Indian power sector with increased electricity demand and technology usage. There is a global plan to achieve net-zero emissions by 2050. India is the world’s third-largest energy-consuming country. India targets to reach 450 GW of renewable energy capacity by 2030. As the electricity demand increases rapidly, there is a need to monitor and control the same as energy saving is a crucial element in the long run. Bidgely’s UtilityAI is helping in achieving the same objective.
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