IvyCap Ventures today announced Rs 15 crore in financing for AI-powered energy analytics leader Bidgely to accelerate their growth plans in India. The Indian Power Minister recently issued a new clean energy mandate to reduce the energy intensity of the country’s economy, and advancements to transform India’s energy sector are well underway.
For example, as the rollout of 250 million smart meters in India continues, of which nearly 1.4 million are already installed to date, the need to derive value from smart meter data is increasing exponentially.
Commenting on the investment, Vikram Gupta, Founder & Managing Partner at IvyCap Ventures said “We believe that it is time for Indian utility companies to leverage technology and analytics to bring in operational efficiencies and improve customer experience along with upgrading traditional infrastructure.
Bidgely’s experienced team and patented technology has brought immense value to its customers in other geographies and we are extremely happy to be working with Founders and existing investors in its scale up journey hereon"
Bidgely uses artificial intelligence (AI) techniques to transform utility meter and customer data into business intelligence and for utilities and energy retailers to better understand and engage with customers. Enabling the creation of personalized energy profiles for individual customers, utilities and retailers benefit from targeted marketing and customer engagement strategies as well as the ability to modernize grid operations. Backed by leading investment firms like Georgian Partners and Khosla Ventures, Bidgely works with over 30 utilities and energy retailers across the globe.
“Bidgely’s patented UtilityAI solutions transform data into personalized, actionable insights that significantly improve customer engagement and satisfaction while streamlining a utility’s business operations organization-wide,” said Bidgely's Chief Executive Officer Abhay Gupta. “This investment from IvyCap Ventures enables us to further develop our UtilityAI platform, including electrification, EV and decarbonization solutions, as well as accelerate growth into new markets around the world.”