India: Moore Strategic Ventures leads $26m funding in SaaS startup Bidgely

Photo: Reuters

California- and Bengaluru-based Bidgely, an artificial intelligence (AI)-powered energy analytics platform, on Thursday announced that it has secured $26 million in strategic financing led by Moore Strategic Ventures.

The round was joined by Accurant International, an investment venture of Bahman Hoveida, co-founder and ex-CEO of Open Systems International, the company said in a statement. The oversubscribed round also included existing investors, such as Future Energy Ventures, Georgian and Constellation Technology Ventures.

Earlier in the year, Bidgely had raised funding from IvyCap Ventures. The company has raised a total of $77 million to date.

The latest infusion enables Bidgely to provide tailored solutions that support the country’s biggest utility needs: electricity theft prevention, grid stability and electric vehicle (EV) accomodation.

“Bidgely’s Silicon Valley roots and strong engineering arm in India play not only to our strength of providing AI technology to established markets like North America and Europe, but also our ability to address key issues in emerging markets,” said Abhay Gupta, CEO of Bidgely.

“India’s energy landscape, specifically, is evolving rapidly, and our work around theft detection and grid stabilisation goes to the heart of problems that cost the utility industry billions of dollars a year.”

Founded in 2011, Bidgely’s UtilityAI platform helps transform multiple dimensions of customer data — such as energy consumption, demographic, and interactions — into deeply accurate and actionable consumer energy insights. It leverages these insights to empower each customer with personalised recommendations, tailored to their individual personality and lifestyle, usage attributes, behavioral patterns, purchase propensity, and beyond.

Bidgely claims to hold 17 patents for its technology and has partnered with nearly 40 global utilities and energy retailers to obtain customer energy insights using data from smart meters already installed in the home.

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.