Cloud powered Energy Analytics Software provider, Bidgely secured $8M Funding

Bidgely, a California based cloud-powered energy analytics software provider, has now secured $8 million in growth capital funding.

Bidgely is founded by the Abhay Gupta in the year 2011. The company offers AI solutions to transform utility meter data into business intelligence for energy and utility retailers who seek to understand their clients. 

Amy Olah, Executive Director in CIBC Innovation Banking’s Toronto office, said, "Bidgely has ingrained itself as a trusted business intelligence partner in the utility and energy sector. Their digital resilience has been amplified during the ongoing pandemic with retailers leaning heavily on their ability to remotely understand and connect with customers."

Bidgely's Chief Executive Officer, Abhay Gupta, said, "Bidgely’s UtilityAI platform provides solutions that hyper-personalize customer engagement across a utility’s organization, such as customer call centres, data analytics and integrated marketplaces. In 2020, we further expanded our portfolio to include electrification and electric vehicles, small-medium business and commercial customer segments. The investment from CIBC Innovation Banking is an important step that allows us to scale go-to-market operations globally while continuing to accelerate the development of our UtilityAI platform."

The funding was provided by the CIBC Innovation Banking. The company, as of now, works with more than 25 utilities in energy retailers across the globe and is led by the Khosla Ventures and Georgian Partners. To date, the company has secured a total of  $51.6M in funding four funding rounds, according to CrunchBase.

The company, as of now, has plans to use the new funds to accelerate its growth plans across North America, Asia, and Europe.