Earlier this month Bidgely, a supporter of DISTRIBUTECH, announced the closing of a $26M round of financing to bolster its utility electrification and decarbonization work that it is conducting around the world.
The funders include lead Moore Strategic Ventures (MSV), along with Accurant International, an investment venture of Bahman Hoveida, co-founder and ex-CEO of Open Systems International. The oversubscribed round also included existing investors Future Energy Ventures, Georgian and Constellation Technology Ventures.
Bidgely, holds 17 patents for its disaggregation technology, including EV disaggregation techniques. Bidgely partners with nearly 40 global utilities and energy retailers to glean customer energy insights using data from smart meters. Bidgely said it is the only SaaS company in the energy market that uses AMI data to provide visibility into which homes have EVs and when they are charging. That data, says Bidgely, is actively aiding the adoption of EVs with time-of-use (TOU) rates and load shifting strategies. This requires no dependency on Department of Motor Vehicles (DMV) or opt-in methods of data collection 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 effective and predictable operation of the distribution grid.”
Bidgely said it will be using the new funding to continue innovating around decarbonization and beneficial electrification solutions for both utilities and their customers. This includes next-generation digital customer engagement and home energy reports (HERs) as well as grid load management and load research advancements. The company will also continue integration strategies with partners like Salesforce, Itron and more.
Bidgely raised its last $27M Series C round in 2018. The company has now raised a total of $77 million in funding.