AI Energy Startup Bidgely Raises $27 million

AI Energy Startup Bidgely Raises $27 million
AI Energy Startup Bidgely Raises $27 million
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Bidgely is an energy monitoring and management solution startup that focuses on eco-friendly energy saving. In a recent Series C funding round, the company secured $27 million in which to expand its operations in India and further develop its artificial intelligence (AI) solution for energy and utility retailers. That now brings the total investment funds raised but the company to $51.6 to date.

Since it was founded back in 2011 in Silicon Valley by Abhay Gupta and Vivek Garud, Bidgely has now spread out quite a bit. The company now has offices in Mountain View, California, the Netherlands, and Bangalore, India. “Bidgely started its India office in early 2014 and today the Banglore team is playing a central role in the company’s growth,” said Gupta, Bidgely CEO. “Our core products and innovations are being developed from our India office and the new funds will be used to continue to attract top talent to fuel our growth. We plan to expand out Bangalore office to over 200 engineers in the next 12 to 18 months.”

This latest funding round was led by an investment fund known as Georgian Partners. Others investors include E.ON and Khosla Ventures. “We invest high-growth SaaS companies that are applying AI to solve real-world business problems,” said Managing Partner at Georgian Partners, Simon Chong. “Bidgely is using machine learning to fundamentally reinvent customer engagement with utilities and enable a new class of business analytics. We believe that they’re at the forefront of innovation in the energy space and are excited to partner with them as they continue their important work.”

Georgian Partners was found back in 2008 by John Berton, Justin LaFayette, and Simon Chong. It’s an equity firm that invests primarily in AI and SaaS business solutions. The company is based in Toronto, Canada and currently employs between 11-50 people.

Bidgely is working on something completely new and innovative. Already the company’s developed analytics that can list all your appliances energy usage data without the use of any plug-in devices. Now all it needs to do is roll it out to the masses. Bidgely also helps customers transition from paper Home Energy Reports to electronic Home Energy Reports (eHERSs). Encouraging its customers to make the switch to go paperless will save the company a great deal of money simply by reducing the amount of paper used.

Source TechStartups

 

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