India: Home energy management firm Bidgely raises $17m in Series B round

Visual taken from Wikimedia Commons

Bangalore-based home energy management firm Bidgley has raised $16.6 million in Series B round of funding led by Constellation Technology Ventures, the venture capital arm of Exelon Corporation, according to a press release.

European utility investors E.ON and RWE also participated in the round along with its existing investor Khosla Ventures, the company said.

With this new round, Bidgely has raised more than $24 million since 2011.

Founded in 2010 by Abhay Gupta, Bidgely has a data analytic platform that extracts appliance signatures from Smart Meter data using pattern recognition and machine learning techniques.

Gupta has almost 15 years of experience in marketing/business development and engineering design & management. An MBA from Santa Clara University, US, Gupta has previously worked with the companies like Grid Net, Sun Microsystems and Broadcom.

“The Series B round with European utility investment will allow us to aggressively expand our European presence and leverage our disaggregation technology and expertise in consumer behavior across an expanded product offering. We’ll also use the funds to further expand the Bidgely team, which has already tripled in size since 2014, said Abhay Gupta.

“Our HomeBeat platform gives consumers information and guidance at their fingertips and helps utilities earn customer loyalty in an evolving energy landscape,” he added.

Bidgely is deploying 12 customer projects including ComEd, London Hydro and TXU and claims to have expanded 10 times year-over-year.

“Bidgely has developed a suite of user-friendly applications that engage consumers in taking an active role managing their energy use,” said Michael Smith, Constellation VP and head of Constellation Technology Ventures.

Khosla Ventures was founded in 2004 by Sun Microsystems’ co-founder Vinod Khosla and provides venture assistance and strategic advice to entrepreneurs. The VC firm has so far invested in about one-and-a-half dozen of companies.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.