AutoGrid, the leader in artificial intelligence (AI)-driven optimisation and controls for the energy industry, has announced the close on a Series D investment round from a set of strategic energy investors.
AutoGrid’s round of $32 million represents the largest infusion to date in any pure-play software platform focused on applying AI to real-time optimisation and controls of flexible energy resources. With this round, the company has raised a total of $75 million to accelerate growth and further increase its product differentiation.
The round is led by a global consortium of energy companies, allowing AutoGrid to accelerate commercial deployment of the AutoGrid Flex platform across North America, Europe and Asia-Pacific. This consortium includes seven of the 10 largest utilities in North America, serves over 100 million customers globally and represents $1 trillion in total market capitalisation.
New investors in this round include CLP Holdings Group, innogy, Ørstead, Tenaska and others.
All existing investors – including Energy Impact Partners, Envision Ventures, Total Energy Ventures, Clearsky Power & Technology Fund, E.ON and Foundation Capital – also participated in the round.
“At CLP we believe that energy flow is no longer a one-way transaction. By partnering with AutoGrid, we are learning to turn flexible energy resources into balanced real-time energy services. We’re increasing productivity and value of our energy assets and unlocking the possibility of exciting new digital energy services for our customers,” said Austin R Bryan, senior director of innovation & ventures at CLP.
These new partnerships come with commercial projects that will shape the future of the energy industry, redefine European and Asian markets and demonstrate the importance of flexibility management as a core competency for successful energy companies.
“Electricity is the energy of the 21st century. It’s our belief that the transition to a new, clean energy world will be enabled through digital technologies such as artificial intelligence, big data and IoT,” said Girish Nadkarni, president of Total Energy Ventures.