Bidgely announced today the completion of a $26 million round of strategic funding to support the company’s utility electrification and decarbonization breakthroughs, which are being deployed all over the world. The financing is led by Moore Strategic Ventures (MSV), with Accurant International, an investment venture of Bahman Hoveida, co-founder and former CEO of Open Systems International, participating as well. Existing investors such as Future Energy Ventures, Georgian, and Constellation Technology Ventures participated in the oversubscribed round.
“The investment in Bidgely supports MSV’s strong track record of advancing the energy transition,” said James McIntyre, senior managing director and COO of Moore Strategic Ventures. “Bidgely and its suite of solutions are uniquely positioned to empower utility customers while increasing their focus on the climate and reducing environmental and economic waste.”
Bidgely, a disaggregation pioneer, has 17 patents covering its technology, including EV disaggregation approaches. Bidgely collaborates with approximately 40 global utilities and energy retailers to extract important customer energy insights from smart meters already installed in the house. Bidgely is actively assisting the adoption of EVs with time-of-use (TOU) rates and load shifting methods as the only SaaS firm in the energy market that only uses smart meter (AMI) data to provide visibility into which houses have EVs and when they are charging. This eliminates the need for the Department of Motor Vehicles (DMV) or opt-in data gathering mechanisms for EV ownership.
“The integration of distributed energy resources, or DERs, will continue to be critical in the next decade for effective distribution grid management as decarbonization efforts intensify worldwide,” said Hoveida. “In absence of direct DER metering, Bidgely’s energy disaggregation technology can accurately identify DERs, such as EVs, rooftop solar, and batteries, behind the utility meter to provide critical data with the highest accuracy to Advanced Distribution Management Systems. Accurate renewables and load data, including accurate forecasts, are essential for the effective and predictable operation of the distribution grid.”
The new money will be used by Bidgely to continue developing decarbonization and beneficial electrification solutions for utilities and their consumers. This involves breakthroughs in grid load management and load analysis, as well as next-generation digital consumer engagement and home energy reports (HERs). Integration efforts with partners such as Salesforce, Itron, and others will also be continued. In 2018, Bidgely raised a $27 million Series C financing. The company has now raised $77 million in total capital.