Significant market adoption attracts strategic utility investors
Sunnyvale, Calif., November 3, 2015 – 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.
“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.”
