California, US-based late-stage startup Bidgely (aka 'Electricity' in hindi), that has its office in Bangalore, has announced today that it has closed a $27 million Series C round of funding -- the largest round of investment to date for energy disaggregation technology.

The funding round was led by Georgian Partners along with participation of existing investors including Innogy, E.ON, and Khosla Ventures.

Founded in 2011 by Indian Institutes of Technology, Delhi alumni, CEO Abhay Gupta and CTO Vivek Garud, Bidgely is a disruptive technology startup developing an energy monitoring and management solution for eco-friendly energy saving. The startup out at Silicon Valley’s Plug-and-Play incubator, and the high-growth energytech startup is now leading the way in the convergence of AI and energy use.

Bidgely had earlier raised its Series A funding in 2013 followed by the Series B round that took place in 2015. Till date, the total capital raised by the company stand at $51 million.

The company currently has offices in Mountain View, California, Bangalore, India and the Netherlands.

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.

"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, the significant milestones Bidgely has achieved include -- Reaching 10 million homes under contract with 25 utilities globally and launching the third generation of its disaggregation platform.

"Bidgely started its India office in early 2014 and today the Bangalore team is playing a central role in the company's growth,” said Bidgely CEO, Abhay Gupta. “Our core products and innovations are being developed from our India office and the new funds will be used to continue to attract top talent to fuel our growth. We plan to expand our Bangalore office to over 200 engineers in the next twelve to eighteen months.”

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

  • Expanding Bangalore office with dedicated engineers and data scientists to deepen Bidgely’s already strong disaggregation technology

  • Accelerating growth in Europe and Asia by expanding local sales and customer success teams.

  • Expanding beyond consumer facing engagement to business intelligence applied to broader decision making within utilities

More Indian-Orgin Founders' Startups

In May 2017, Improbable, an another Indian-origin founder's startup raised funding in an UK's biggest venture capital round led by Softbank.

In August 2017, Google acquired Senosis Health which is a health monitoring startup co-founded by Indian-origin Professor Shwetak Patel. In the same month, Softbank invested whopping $1 billion in an Indian origin entrepreneur’s BioTech Startup.

In 2016, Google had acquired an another Indian-Origin tech startup called Synergize.

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