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.