Energy management platform, Bidgely, has raised $16.6 Mn in Series B funding round led by Constellation Technology Ventures (investment arm of Exelon Corporation), E.ON and RWE which was announced in its blog.
This round of funding takes the total funds raised by the company to $24 Mn. Prior to this, the startup has raised $8Mn in its seed and Series A rounds from Khosla ventures. This round of funding will help the startup to expand to the US and the global markets like Europe. Exelon is the largest energy provider in the US as the owner of Baltimore Gas & Electric, Commonwealth Edison and PECO. And E.ON and RWE are major players in energy and utilities space in Europe. Together they provide energy to over 65 Mn homes in Europe.
Bidgely (electricity in Hindi) was founded in 2011 by Abhay Gupta and Vivek Garud. It was started in Mountain View, CA and has offices in Bangalore and Sunnywale. The startup has built products that helps the customers to see what appliances are turned on, how much energy they are using, and how much it is costing to the overall electricity bill. It has build energy monitor that tracks individual appliances and their energy consumption though the ZigBee gateway connected to smart meter, a mobile app to track this and get analytics report on energy consumption and also customer service .
“We doubled our team in the last year and a half and our revenue pipeline is healthy with over 3Mn smart meters under contract. We’re already executing against a 10x pipeline (year over year). Our clients have become our investors, we believe we’ll undergo a rapid increase in adoption, “ shared Abhay Gupta, CEO at Bidgely in his blog post.
Bidgely has a solution that addresses both the customers and energy utility companies. The company has an energy monitor and an accompanying app, which helps consumers compare energy consumption with neighbours, identify the most energy draining devices and while allowing them to remotely control thermostats and such. Its solution for utilities helps build customer loyalty and engage with them to quickly resolve issues.
According to Bidgely, there are 5.6 Bn people who need energy management.