Bidgely Secures US$8 Million Financing from CIBC Innovation Banking to Accelerate Growth
MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–CIBC Innovation Banking is pleased to announce a US$8 million growth capital financing for cloud-based energy analytics software provider, Bidgely. Based in Mountain View, California, this funding will enable Bidgely to accelerate its growth plans across Asia, Europe and North America.
Bidgely uses artificial intelligence (AI) solutions to transform utility meter data into business intelligence for utilities and energy retailers who seek to better understand their customers. Retailers can leverage the augmented insights to personalize acquisition strategies and customer engagement, optimize retention, and to modernize grid operations. Bidgely works with over 25 utilities and energy retailers across the globe, and is backed by leading investment firms Georgian Partners and Khosla Ventures, as well as strategic investing utilities like E.ON, Innogy and Constellation Technology Ventures.
“Bidgely has ingrained itself as a trusted business intelligence partner in the utility and energy sector,” said Amy Olah, Executive Director in CIBC Innovation Banking’s Toronto office. “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 UtilityAI platform provides solutions that hyper-personalize customer engagement across a utility’s organization, such as customer call centres, data analytics and integrated marketplaces,” said Bidgely’s Chief Executive Officer Abhay Gupta. “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.”
About CIBC Innovation Banking
CIBC Innovation Banking delivers strategic advice, cash management and funding to North American innovation companies at each stage of their business cycle, from start up to IPO and beyond. With offices in Atlanta, Austin, Chicago, Denver, Menlo Park, Montreal, Reston, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC’s commercial banking and capital markets businesses in the U.S. and Canada.
Bidgely is an AI-powered SaaS Company that enables utilities to create greater business value and accelerate our path towards zero carbon by delivering personalized customer experience. Powered by our unique patented technology, Bidgely’s UtilityAI™ Platform transforms multiple dimensions of customer data – such as energy consumption, demographic, and interactions – into deeply accurate and actionable consumer energy insights. We leverage these insights to empower each customer with personalized recommendations, tailored to their individual personality and lifestyle, usage attributes, behavioral patterns, purchase propensity, and beyond. From smart thermostats to EV chargers, solar PVs or personalized / ToU tariffs, UtilityAI™ recommends new value-added products and services to the right customer at the right time. With roots in Silicon Valley, Bidgely has over 15 energy patents, $50M+ in funding, retains 30+ data scientists, and brings a passion for AI to utilities serving residential customers around the world. For more information, please visit www.bidgely.com or the Bidgely blog at bidgely.com/blog.
Katarina Milicevic, firstname.lastname@example.org, 416-586-3609