Bidgely, a Bengaluru and California-based tech firm has raised $26 million in funding led by Moore Strategic Ventures with participation from Accurant International an investment venture of Bahman Hoveida, Co-founder and ex-CEO of Open Systems International.
Existing investors like Future Energy Ventures, Georgian and Constellation Technology Ventures also participated in the round. With the current funding, the total funds raised by the US-headquartered company are tuned to $77 million.
Before this round, Bidgely had raised INR 15 Crore in funding from IvyCap Ventures to enable Indian utility companies to leverage technology and analytics to bring in operational efficiencies and improve customer experience and upgrade traditional infrastructure.
The raised capital will be deployed to offer tailored solutions which support the country’s important utility needs: electricity theft prevention, grid stability, and electric vehicle (EV) accommodation.
Founded in 2011 by Abhay Gupta, Bidgely offers artificial intelligence (AI)-based solutions to electricity distribution companies to serve their clients better as well as modernise their grid operations.
Bidgely’s pioneered load disaggregation which owns 17 patents on its technology and about 40 global utilities and energy retailers to glean valuable customer energy insights using data from smart meters already installed in the home. It processes more than two billion data points per day, the company’s proven AI-powered analytics could leverage India’s growing network of smart meters.
Furthermore, in working with an independent Indian power distribution company (DISCOM), Bidgely has shown great potential to detect non-technical losses with a separate data meter, perhaps a major pain point for many DISCOMs in India.
Abhay Gupta, CEO of Bidgely said, “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,”
“India’s energy landscape, specifically, is evolving rapidly, and our work around theft detection and grid stabilisation goes to the heart of problems that cost the utility industry billions of dollars a year,”.