Bidgley, a home energy management firm has secured $16.6 million in Series B round of funding led by Constellation Technology Ventures, E.ON and RWE.
Founded in 2011 by Abhay Gupta and Vivek Garud, Bidgely has developed a data analytic platform that takes appliance signatures from Smart Meter data using pattern recognition and machine learning techniques. The platform has an in-built energy monitor that keeps track of the individual appliances and their energy consumptions through the ZigBee gateway connected to smart meter, a mobile app to track this and get analytics report on energy consumption and also customer service. The Indian-based startup has its offices in Bengaluru and Sunnywale, USA.
Bidgely CEO Gupta said, ” Our success in helping utilities transition to a more consumer-centric engagement model has led to this investment by the very community that we serve. This will accelerate our already rapid market adoption with several full-scale deployments globally. Our HomeBeat platform gives consumers information and guidance at their fingertips and helps utilities earn customer loyalty in an evolving energy landscape.”
With the fresh funds, Gupta plans to expand aggressively in the European market and leverage the technology and expertise in consumer behavior across an expanded product offerings. The startup has deployed 12 customer projects including ComEd, London Hydro and TXU and has expanded 10 times year after year. He also plans to strengthen the company’s team which has already been tripled since 2014.
“Bidgely has developed a suite of user-friendly applications that engage consumers in taking an active role managing their energy use,” said Michael Smith, Constellation vice president and head of Constellation Technology Ventures. “We’re pleased with the response to Bidgely’s offerings and see the potential to leverage their home energy management solutions in our residential competitive energy and utility businesses.”