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Energy monitoring platform Bidgely raises $16.6 million

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Bidgely (yes, Bijlee) has raised Series B funding worth $16.6 million (~ Rs 108 crore) led by Constellation Technology Ventures, the VC arm of Exelon, with participation from European companies E.ON and RWE, and existing investor Khosla Ventures, reports ET. This will give Bidgely access to 65 million new homes worldwide, and the company will use the funding to expand operations.

Bidgely has, so far, raised $24 million. ET adds that Bidgely builds its products in Bangalore, has over 10 customers and embedded those products across 3 million houses in North America, Australia, New Zealand and Europe.

On its blog, the company said that it had doubled its team in the last 1.5 years and had over 3 million meters under contract in its first year of commercially available product. The investment will help it to execute faster adoption as against its current 10x pipeline growth year over year. Bidgely added that its investors already had a large number of smart meters deployed, which would be leveraged by its software.

Bidgely has 3 products: HomeBeat Web and Mobile, HomeBeat Energy Monitor and HomeBeat Agent.
– The web and mobile product lets users understand their energy use and expenses, energy consumption of individual appliances and rank among neighbours.
– The monitor allows real time energy tracking of individual appliances using a ZigBee gateway connected to the smart meter, alerts and notifications and appliance energy monitoring.
– The Agent claims to let customer support agents identify and resolve high bill disputes, reduce average call handling time, increase first call resolution and convert offline users to online with personalised insights.

Smart energy space in India:

– Last month, a smart water distribution and leakage detection system was selected as the winning idea at the Digital Pune Hackathon 2015 organized by Persistent Systems. The solution, created by Team Aqua from Army Institute of Technology, could help solve Pune’s water and sanitation problems. The team was awarded with Rs 1 lakh to further refine the product.

– In the same month, telecom operator Aircel partnered with Tech Mahindra to roll out Internet of Things services including smart energy, connected vehicles and smart cities.

– In September, Delhi based tech-startup Briston Technomach raised $150,000 in seed funding from an undisclosed investor. The internet-of-things and machine-to-machine startup planned to utilize this amount for expansion to 8 cities with plans to introduce a new product Fuelark to measure the fuel and energy consumption in the power backup industry.

– In the same month, Ezysolare, an online marketplace for solar products and services, raised seed funding from Infuse Ventures for developing technology and expanding its reach across the country. The platform provides solar energy assessment, layouts and detailed engineering.

– Way back in 2009, Reliance Energy had tied up with Google to offer consumers the ability to track their power consumption on their computers. According to Google.org, the Google PowerMeter received information from utility smart meters and energy management devices, while the electricity consumption was tracked on the user’s personal iGoogle homepage, and uses Google Apps.

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