Bidgely Closes $27 Million Series C to Grow Disaggregation Solutions for Utilities

Investment by Georgian Partners signals that Artificial Intelligence
and SaaS solutions are next significant growth opportunities for utility
analytics space

MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–Bidgely
announced today that it has closed a $27 million Series C round of
financing — the largest round of investment to date for 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, Bidgely has achieved several significant
milestones. These have included:

• Launching the third iteration of its disaggregation
  platform, including support for audits and surveys
• Expanding beyond a mobile app to offer omnichannel engagement
• Announcing support for non-smart meter homes to expand the addressable
  market

These advances have skyrocketed interest in the technology, allowing
Bidgely to capture 10
million homes under contract with 25 global utilities.

“Most progressive utilities are looking for the next innovation to help
them overcome challenges and achieve strategic digital transformation
objectives,” said Bidgely CEO Abhay Gupta. “This round of investment
will bring Bidgely’s AI capabilities into even greater focus, increase
the velocity of the company’s next growth phase with large utilities,
and fuel its ability to scale exponentially in global markets.”

This round of funding will be used to accelerate Bidgely’s growth in
three areas:

• Accelerating growth in existing markets by widening the
  company’s sales footprint
• Growing the product offering by expanding beyond residential
  demand-side management
• 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.

To learn more about Bidgely, please join the webinar.

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]