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

High-growth startup founded by Indian Institutes of Technology alumni
to increase hiring at Bangalore office

MOUNTAIN VIEW, Calif. & BANGALORE, India–(BUSINESS WIRE)–U.S.-based 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. Founded by Indian Institutes of Technology
alumni, CEO Abhay
Gupta and CTO Vivek
Garud, Bidgely started out at Silicon Valley’s Plug-and-Play
incubator in 2011, and the high-growth energytech startup is now
leading the way in the convergence of AI and energy use. The company
currently has offices in Mountain View, California, Bangalore, India and
the Netherlands.

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
• Launching the third generation of its disaggregation
  platform

“Bidgely started its India office in early 2014 and today the Bangalore
team is playing a central role in the company's growth,” said Bidgely
CEO, Abhay Gupta. “Our core products and innovations are being developed
from our India office and the new funds will be used to continue to
attract top talent to fuel our growth. We plan to expand our Bangalore
office to over 200 engineers in the next twelve to eighteen months.”

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

• Expanding Bangalore office with dedicated engineers and data
  scientists to deepen Bidgely’s already strong disaggregation technology
• Accelerating growth in Europe and Asia by expanding local sales
  and customer success teams
• Expanding beyond consumer-facing engagement to business
  intelligence applied to broader decision making within utilities

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]