Energytech startup Bidgely on Wednesday announced that they had acquired $27 million in the Series C round of financing. Reportedly, this funding has set a record for being the largest round of investment acquired till date for energy disaggregation technology. As of now, the company has raised a total of $51 million in funding so far.
The oversubscribed round was led by Georgian Partners, an investment fund known for their focus on high-growth enterprise software companies that use applied artificial intelligence.
Simon Chong, Managing Partner at Georgian Partners said in a statement, “We invest in high-growth SaaS companies that are applying AI to solve real-world business problems. 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.”
Bidgely also saw returning investors Khosla Ventures, E.ON, and innogy contribute in this round. Constellation Technology Ventures, the venture capital arm of Exelon Corporation, are also expected to pitch in.
Founded by Indian Institutes of Technology alumni, CEO Abhay Gupta and CTO Vivek Garud, Bidgely started out at Silicon Valley’s Plug-and-Play incubator in 2011, and the high-growth energytech startup is now leading the way in the convergence of AI and energy use. The company currently has offices in Mountain View, California, Bangalore, India and the Netherlands.
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Over the last 12 months, Bidgely reached key milestones like reaching 10 million homes under contract with 25 utilities globally, and launching the third generation of its disaggregation platform.
“Bidgely started its India office in early 2014 and today the Bangalore team is playing a central role in the company’s growth,” Abhay Gupta, CEO of Bidgely said in a statement. “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 our Bangalore office to over 200 engineers in the next 12 to 18 months,” he added.