Home energy mnagement platform Bidgely raises $16.6 mn in Series B funding

Investors include European utility investors E.ON and RWE

Energy management startup Bidgely has raised $ 16.6 million Series B in a round led by Constellation Technology Ventures, the venture capital arm of NYSE-listed Exelon. The round also saw participation from European utility companies E.ON and RWE, and existing investor Khosla Ventures.

Bidgely (electricity in Hindi) was founded in 2011 by Abhay Gupta and Vivek Garud. Started at a garage in Mountain View, CA Bidgely grew into a team of data scientists, engineers, salespeople and marketers housed in Sunnyvale, CA and has an office at Bengalaru.

"To further expand its HomeBeat consumer engagement product suite for home energy management and scale commercial deployment globally, Bidgely has closed a Series B round of funding for $16.6 million," said the company, which claims the oversubscribed round was led by new investor Constellation Technology Ventures, the venture capital arm of Exelon Corporation, whose family of energy companies include Constellation, BG&E, ComEd and PECO.

The round also includes new European utility investors E.ON and RWE that combined give Bidgely access to 65 million new homes worldwide, as well as existing investor Khosla Ventures.

The funding will accelerate already rapid market adoption with several full-scale deployments globally, said Bidgely CEO Abhay Gupta. The company's HomeBeat platform gives consumers information and guidance at their fingertips and helps utilities earn customer loyalty in an evolving energy landscape.

In the past year alone, Bidgely claims it has secured multi-million dollar customer contracts that cover more than 3 million homes across four continents.

The company is currently deploying 12 customer projects such as those announced with ComEd, London Hydro and TXU. Pursuing a home energy management (HEM) market estimated to surpass $22 billion in the next eight years, Bidgely's pipeline has expanded 10 times year-over-year.

"The Series B round with European utility investment will allow us to aggressively expand our European presence and leverage our disaggregation technology and expertise in consumer behavior across an expanded product offering. We'll also use the funds to further expand the Bidgely team, which has already tripled in size since 2014," said Gupta.