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Bidgely Closes $27 Million Series C to Grow Disaggregation Solutions for Utilities


Investment by Georgian Partners signals that Artificial Intelligence and SaaS solutions are next significant growth opportunities for utility analytics space

MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–January 16, 2018–

Bidgely announced today that it has closed a $27 million Series C round of financing – the largest round of investment to date for energy disaggregation technology. Georgian Partners, an investment fund known for its focus on high-growth enterprise software companies that use applied artificial intelligence to disrupt markets, led the oversubscribed round. Returning investors include Khosla Ventures, E.ON, and innogy. Constellation Technology Ventures, the venture capital arm of Exelon Corporation, is also expected to return.

This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20180116005769/en/

Bidgely Itemization (Photo: Business Wire)

Bidgely Itemization (Photo: Business Wire)

“We invest in high-growth SaaS companies that are applying AI to solve real-world business problems,” said Simon Chong, Managing Partner at Georgian Partners. “Bidgely is using machine learning to fundamentally reinvent customer engagement with utilities and enable a new class of business analytics. We believe that they’re at the forefront of innovation in the energy space and are excited to partner with them as they continue their important work.”

Over the last 12 months, Bidgely has achieved several significant milestones. These have included:

  • Launching the third iteration of its disaggregation platform, including support for audits and surveys
  • Expanding beyond a mobile app to offer omnichannel engagement
  • Announcing support for non-smart meter homes to expand the addressable market

These advances have skyrocketed interest in the technology, allowing Bidgely to capture 10 million homes under contract with 25 global utilities.

“Most progressive utilities are looking for the next innovation to help them overcome challenges and achieve strategic digital transformation objectives,” said Bidgely CEO Abhay Gupta. “This round of investment will bring Bidgely’s AI capabilities into even greater focus, increase the velocity of the company’s next growth phase with large utilities, and fuel its ability to scale exponentially in global markets.”

This round of funding will be used to accelerate Bidgely’s growth in three areas:

  • Accelerating growth in existing markets by widening the company’s sales footprint
  • Growing the product offering by expanding beyond residential demand-side management
  • Expanding beyond consumer-facing engagement to business intelligence applied to broader decision-making within utilities and energy retailers.

Bidgely raised its Series A round in 2013 and Series B round in 2015. The company has now raised a total of $51 million in funding.

To learn more about Bidgely, please join the webinar.

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 bidgely.com/blog.

About Georgian Partners

Georgian Partners is a thesis-driven growth equity firm investing in SaaS-based business software companies that exploit applied artificial intelligence, security first and conversational business. Founded by successful entrepreneurs and technology executives, Georgian Partners leverages our global software expertise to be able to directly impact the success of companies. For more information, visit www.georgianpartners.com.

Technica Communications for Bidgely
Lisa Ann Pinkerton, 408-806-9626
Lisaann@technicacommunications.com
or
Georgian Partners
Ben Wilde
bwilde@georgianpartners.com

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Lithium-ion batteries have massively improved in the last half-decade, but there are still issues. The biggest, especially for EVs, is that charging takes too long to make them as useful as regular cars for highway driving. Researchers from the University of Warwick (WMG) have discovered that we may not need to be so patient, though. They developed a new type of sensor that measures internal battery temperatures and discovered that we can probably recharge them up to five times quicker without overheating problems.

Overcharging a lithium-ion battery anode can lead to lithium buildup, which can break through a battery's separator, create a short-circuit and cause catastrophic failure. That can cause the electrolyte to emit gases and literally blow up the battery, so manufacturers impose strict charging power limits to prevent it.

Those limits are based on hard-to-measure internal temperatures, however, which is where the WMG probe comes in. It's a fiber optic sensor, protected by a chemical layer that can be directly inserted into a lithium-ion cell to give highly precise thermal measurements without affecting its performance.

The team tested the sensor on standard 18650 li-ion cells, used in Tesla's Model S and X, among other EVs. They discovered that they can be charged five times faster than previously thought without damage. Such speeds would reduce battery life, but if used judiciously, the impact would be minimized, said lead researcher Dr. Tazdin Amietszajew.

Faster charging as always comes at the expense of overall battery life but many consumers would welcome the ability to charge a vehicle battery quickly when short journey times are required and then to switch to standard charge periods at other times.

There's still some work to do. While the research showed the li-ion cells can support higher temperatures, EVs and charging systems would have to have "precisely tuned profiles/limits" to prevent problems. It's also not clear how battery makers would install the sensors in the cells.

Nevertheless, it shows a lot of promise for much faster charging speeds in the near future. Even if battery capacities stayed the same, charging in 5 minutes instead of 25 could flip a lot of drivers over to the green side.

Via: Clean Technica

Source: University of Warwick

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