Bidgely Closes $27M Series C to Grow Artificial Intelligence Solution for Utilities and Energy Retailers

January 16, 2018

Investment to accelerate expansion of Bidgely platform across Europe
and Asia Pacific

MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–U.S.-based Bidgely
announced today the closing of a $27 million Series C round of
financing, marking the largest round of investment to date for any
energy disaggregation technology. Georgian
Partners, an investment fund known for its focus on high-growth
enterprise software companies that use applied artificial intelligence
to disrupt markets, led the oversubscribed round. Returning investors
include Khosla
Ventures, E.ON,
and innogy.
Constellation
Technology Ventures, the venture capital arm of Exelon Corporation,
is also expected to return.


“We invest in high-growth SaaS companies that are applying AI to solve
real-world business problems,” said Simon Chong, Managing Partner at
Georgian Partners. “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.”

Over the last 12 months, the significant milestones Bidgely has achieved
include:

  • Reaching 10
    million homes     under contract with 25 utilities globally
  • Establishing a European headquarters in the Netherlands
  • Setting up a European data hosting environment via Amazon Web Services
    in Germany
  • Strengthening security policies to be compliant with upcoming new Data
    Privacy Regulations in the EU

“Most progressive utilities are looking for the next innovation to help
them overcome challenges and achieve strategic digital transformation
objectives,” said Bidgely Head of International Business, Prateek
Chakravarty. “This round of investment brings Bidgely’s AI capabilities
into even greater focus, increases the velocity of the company’s next
growth phase with large utilities, and fuels our ability to scale
exponentially in global markets.”

This round of funding accelerates Bidgely’s growth in three areas:

  • Expediting growth in Europe and Asia by expanding local Sales
    and Customer Success teams
  • Deepening disaggregation strength by hiring dedicated Data
    Scientists for each region
  • Expanding beyond consumer-facing engagement to business
    intelligence applied to broader decision making within utilities and
    energy retailers.

Bidgely raised its Series A round in 2013 and Series B round in 2015.
The company has now raised a total of $51 million in funding.

About Bidgely

Bidgely is transforming the way customers interact with their energy
use. By combining the power of SaaS-based analytics with
consumer-friendly web and mobile applications, Bidgely provides
personalized and actionable insights that help customers save energy and
enable utilities to build enduring customer relationships. The company
works with utilities serving residential customers around the world. For
more information, please visit
www.bidgely.com or bidgely.com/blog.

About Georgian Partners

Georgian Partners is a thesis-driven growth equity firm investing in
SaaS-based business software companies that exploit applied artificial
intelligence, security first and conversational business. Founded by
successful entrepreneurs and technology executives, Georgian Partners
leverages our global software expertise to be able to directly impact
the success of companies. For more information, visit www.georgianpartners.com.

Contacts

Technica
Communications for Bidgely
Lisa Ann Pinkerton, 408-806-9626
[email protected]
or
Georgian
Partners
Ben Wilde
[email protected]