Bidgely Raises $16.6 Million Series B, Adds Investors Constellation Technology Ventures, E.ON, RWE
Significant market adoption attracts strategic utility investors
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. 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
(EOAN:GR) and RWE
(RWE:GR), that combined give Bidgely access to 65 million new homes
worldwide, as well as existing investor Khosla
Ventures.
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The significant market adoption of Bidgely's HomeBeat(TM) consumer engagement product suite for home energy management has attracted new strategic utility investors in an oversubscribed $16.6M Series B round of funding. (Photo: Business Wire)
“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,” said Bidgely CEO Abhay Gupta.
“Our 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 has secured numerous 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.
“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.”
"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," continued Gupta. “We’ll also use the funds
to further expand the Bidgely team, which has already tripled in size
since 2014.”
About Bidgely
Bidgely is transforming the way customers interact with their energy
use. By combining the power of SaaS-based analytics with
consumer-friendly web and mobile applications, Bidgely provides
personalized and actionable insights that help customers save energy and
enable utilities to build enduring customer relationships. The company
works with utilities serving residential customers around the world. For
more information, please visit www.bidgely.com
or the Bidgely blog at bidgely.com/blog.
Bidgely, HomeBeat and the Bidgely logo are trademarks of Bidgely in
the U.S.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151103005589/en/
Copyright Business Wire 2015
Source: Business Wire
(November 3, 2015 - 3:05 AM EST)
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