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.