We’re happy to announce that we’ve closed a $16.6M Series B investment round. Our original investor, Khosla Ventures, is being joined by Constellation Technology Ventures (Exelon Corporation), E.ON and RWE. With this latest round we’ve raised over $24M since 2011.
But what does it mean? Obtaining Series B investment is a major milestone that says we’ve rounded the corner from potential to revenue. So from a maturity standpoint, we’re growing (more than doubled our team in the last year and a half) and our revenue pipeline is healthy (over 3M meters under contract in our first year of commercially available product). We’re already executing against a 10x pipeline (year over year) and now that the very companies we service are investing in us, we believe we’ll undergo a rapid increase in adoption.
From a business standpoint, it’s very exciting and gratifying. But let’s not forget what it is that we do. Bidgely enables utilities to engage with their customers by changing the way people relate to their energy use. Check out the video. We believe that given the right insights, tools, and motivation, everyday people will be able to modify their energy use in meaningful ways to save, conserve, compete or simply just because it’s “right”.
So instead of simply turning down the thermostat on hot days, over time people will begin developing new energy habits. Imagine a world where parents never have to yell, “Turn the lights off when you leave the room!” or “Don’t just stand there staring with the fridge door open like that!” The technology behind this is based on energy disaggregation, but the process of change begins with the utilities. Our investors have validated this belief. What’s really exciting, however, is the type of investment we’ve attracted.
Constellation Technology Ventures is part of Exelon Corporation. Exelon is the largest energy provider in the U.S. as the owner of Baltimore Gas & Electric, Commonwealth Edison, and PECO. Exelon is also a pioneering adopter of new technology, such as the early generation of behavior-based efficiency and demand response. As an energy provider in regulated markets, Constellation’s investment points to the importance of modern engagement tools as a key ingredient of customer satisfaction and effective efficiency programs.
E.ON and RWE, on the other hand, compete in deregulated markets where the customer can switch providers at almost anytime. That means they are focused on ways to increase customer acquisition, retention, and find new revenue opportunities to drive their business. Together, E.ON and RWE provide energy to over 65M homes in Europe. The investments from regulated and competitive energy markets demonstrates the fundamental value of consumer engagement to all utilities.
Another interesting commonality is that our investors already have deployed large numbers of smart meters. And what better way to leverage that investment than with smart software? Our investors are helping us create a smarter grid that everyday people can see and engage with like never before.
So Bidgely helps utilities engage customers and customers engage with energy. Engaged customers are more efficient, more aware, and more likely to join efficiency and demand programs. They are also happier and more satisfied with their utility and more willing to take advantage of new services if given the chance. And for utilities in competitive environments, an engaged customer is less likely to switch providers.
We’re humbled by the faith in our ability to change the way people engage with energy. We’ll be leveraging the new resources on hand (both in terms of funds as well as strategic relationships) against a sizable pipeline of business and growing our team to increase our global pipeline even further.
Here’s to a new day in energy!
— Abhay Gupta, CEO & Co-Founder