Software-as-a-service startup, Bidgely has raised ₹15 crore, as part of its latest fundraise from IvyCap Ventures, to accelerate its growth in the Indian market.
Bidgely uses artificial intelligence techniques to create personalised energy profiles and business intelligence based on the utility meter and customer data. Energy retailers further benefit from this understanding, allowing them to develop better customer engagement strategies as well as the ability to modernise grid operations.
Silicon Valley-based Bidgely claims to have more than 17 patents in the field of energy and has raised more than $50 million in funding from the likes of Georgian Partners and Khosla Ventures.
“Bidgely’s patented UtilityAI solutions transform data into personalised, actionable insights that significantly improve customer engagement and satisfaction while streamlining a utility’s business operations organization-wide. This investment from IvyCap Ventures enables us to further develop our UtilityAI platform, including electrification, electric vehicles and decarbonisation solutions, as well as accelerate growth into new markets around the world,” said Abhay Gupta, chief executive officer, Bidgely.
Bidgely’s UtilityAI product analyses data points including energy consumption, demographic, and interactions to actionable consumer energy insights for its clients, to also perform better peak load shaping and grid planning,
Bidgely currently works with over 30 utilities and energy retailers across the globe, the company said.
“We believe that it is time for Indian utility companies to leverage technology and analytics to bring in operational efficiencies and improve customer experience along with upgrading traditional infrastructure. Bidgely’s experienced team and patented technology has brought immense value to its customers in other geographies and we are extremely happy to be working with founders and existing investors in its scale up journey hereon,” said Vikram Gupta, founder and managing partner at IvyCap Ventures.
IvyCap Ventures is a homegrown venture capital fund and currently manages ₹1,500 crores in assets across three funds.
