U.S.-based artificial intelligence (AI) company Bidgely has closed a $27 million Series C round of financing.
Bidgely, founded by Indian Institutes of Technology (IIT) alumni, CEO Abhay Gupta and CTO Vivek Garud, has started out at Silicon Valley’s Plug-and-Play incubator in 2011 and opened offices in Mountain View, California, Bangalore, India and the Netherlands.
Georgian Partners, an investment fund, 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.
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.
“Bidgely is using machine learning to fundamentally reinvent customer engagement with utilities and enable a new class of business analytics,” said Simon Chong, managing partner at Georgian Partners.
Bidgely has reached 10 million homes under contract with 25 utilities globally. The company is also launching the third generation of its disaggregation platform.
“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,” said Abhay Gupta, CEO of Bidgely.
Bidgely will be expanding Bangalore office with dedicated engineers and data scientists to deepen Bidgely’s already strong disaggregation technology.
Bidgely is also aiming at accelerating growth in Europe and Asia by expanding local sales and customer success teams. Bidgely will also be expanding beyond consumer-facing engagement to business intelligence applied to broader decision making within utilities.