Artificial intelligence-based energy optimisation and control provider, AutoGrid, has raised $32 Mn in a Series D funding round from energy companies CLP Holdings Group, based in Southeast Asia, Innogy from Germany, Ørstead from Denmark, and Tenaska from the US. With this round, the company has raised a total of $75 Mn funding.
Autogrid’s existing investors — Energy Impact Partners, Envision Ventures, Total Energy Ventures, Clearsky Power & Technology Fund, E.ON, and Foundation Capital — also participated in the funding round.
Established at Stanford University in 2011, AutoGrid provides a suite of energy Internet applications that allows utilities, electricity retailers, renewable energy project developers, and energy service providers to deliver clean, affordable, and reliable energy in a distributed energy world. It is headquarted in Palo Alto, California, in the US, and its India office is in Bengaluru.
The company plans to utilise the raised funds to accelerate commercial deployment of its AutoGrid Flex platform across North America, Europe, and Asia-Pacific.
AutoGrid Flex is an AI-focussed, comprehensive, predictive, and customer-centric platform that mines the energy Internet’s rich data lode to extract the highest value from all distributed energy resources by managing networked distributed energy resources (DERs) in real time and at scale, the company said in a media statement.
“We are excited by this investment, which will help us to drive forward our mission of accelerating the world’s transition to clean, affordable and reliable energy,” AutoGrid CEO Amit Narayan said.
AutoGrid: Enabling Energy Optimisation And Control
AutoGrid claims to have more than 3,500MW of flexible capacity from DERs under contract and further plans 5,000 MW of flexible resources on its platform before 2018-end.
Its customer list includes National Grid, NextEra Energy, E.ON, Total, Xcel Energy, China Light and Power, and over 30 other leading global energy companies around the world.
“By partnering with AutoGrid, we are learning to turn flexible energy resources into balanced real-time energy services. We’re increasing productivity and value of our energy assets and unlocking the possibility of exciting new digital energy services for our customers,” said Austin R Bryan, senior director of innovation and ventures, at CLP.
AutoGrid’s team comprises software architects, electrical and computer engineers, data scientists, and energy experts. The company has also announced that it will hire professionals specialising in AI, big data, and the Internet of Things (IoT) for its digital transformation projects across the globe.
In a similar space, Ahmedabad-based startup, Ecolibrium Energy, provides support to commercial and industrial enterprises for optimising productivity and reducing expenditure. Its flagship product — an IoT-focussed SmartSense — allows businesses to save up to 15% of their energy-related expenses. Some of its clients include big names such as CocaCola, Delhi Metro Rail Corp, Intas Pharma, and Fiat, among others.
AutoGrid, which is applying AI and big data technologies to the energy value-chain, is currently working with the Andhra Pradesh Southern Power Distribution Company Ltd (APSPDCL) to build and launch energy-focussed programmes to create the basis for transformation changes in the electricity sector.
According to IBEF data, India’s electricity production in FY18 was 1,201.543 Bn units, with 55.72% growth over the previous fiscal year.