Bidgely raises USD 26 million from Moore Strategic Ventures and others
Bangalore based tech firm Bidgely has raised $26 million on Thursday in a funding round led by Moore Strategic Ventures. Accurant International along with existing investors like Georgian, Future Energy Ventures and Constellation Technology Ventures also participated in the funding.
“As India’s extensive smart meter penetration continues, this new investment enables Bidgely to provide tailored solutions that support the country’s biggest utility needs: electricity theft prevention, grid stability and electric vehicle accommodation,” the company said.
Working with a leading private Indian electricity distribution company, Bidgely has demonstrated the acute ability to detect non-technical losses through disaggregated smart meter data, it added. Bidgely is targeting multiple use cases, including AI-based short-term load forecasting, analytics-based customer indexing and asset predictive maintenance to solve multiple challenges for Discoms, the company said.
The US-headquartered company offers artificial intelligence-based solutions to electricity distribution companies that enables them to serve their customers better.
This year in March, the Saas startup had raised ₹15 crores from IvyCap Ventures. Also, it has raised a total of $77 million in funding till now.
“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 to our ability to address key issues in emerging markets,” Bidgely chief executive officer Abhay Gupta said.
He added that India’s energy landscape, specifically, is evolving rapidly, and the company’s work around theft detection and grid stabilisation goes to the heart of problems that cost the utility industry billions of dollars a year.
Bidgely developed load disaggregation, holds 17 patents for its technology and partners with almost 40 global utilities and energy retailers to obtain valuable customer energy insights which use data from smart meters installed in the home. More than two billion energy data points a day is processed by this technology.
“As India’s extensive smart meter penetration continues, this new investment enables Bidgely to provide tailored solutions that support the country’s biggest utility needs: electricity theft prevention, grid stability and electric vehicle accommodation,” the company said.
Working with a leading private Indian electricity distribution company, Bidgely has demonstrated the acute ability to detect non-technical losses through disaggregated smart meter data, it added. Bidgely is targeting multiple use cases, including AI-based short-term load forecasting, analytics-based customer indexing and asset predictive maintenance to solve multiple challenges for Discoms, the company said.
The US-headquartered company offers artificial intelligence-based solutions to electricity distribution companies that enables them to serve their customers better.
This year in March, the Saas startup had raised ₹15 crores from IvyCap Ventures. Also, it has raised a total of $77 million in funding till now.
“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 to our ability to address key issues in emerging markets,” Bidgely chief executive officer Abhay Gupta said.
He added that India’s energy landscape, specifically, is evolving rapidly, and the company’s work around theft detection and grid stabilisation goes to the heart of problems that cost the utility industry billions of dollars a year.
Bidgely developed load disaggregation, holds 17 patents for its technology and partners with almost 40 global utilities and energy retailers to obtain valuable customer energy insights which use data from smart meters installed in the home. More than two billion energy data points a day is processed by this technology.
.jpg "The Week that Was: Indian Startup News Overview (26th May - 1st June)")
