AutoGrid CEO Dr Amit Narayan wants to leverage data to address the world’s future energy needs
AutoGrid Systems has secured more than $20m additional funding from a group of international investors. The company will use the financing to further develop and market its suite of smart Energy Internet software applications in North America, Asia and Europe.
The Series C-2 round was led by the utility-backed fund Energy Impact Partners, an investment firm representing four of the largest utilities in the US and UK, and Envision Ventures, a Silicon Valley-based fund focused on software for big data, the Industrial Internet of Things (IIoT) and security. Renewable energy technology provider Envision Energy will also play a role in the consortium.
The backing follows what AutoGrid describes as a highly successful 2015 in which it achieved 100 percent year-over-year growth in annual recurring revenues as well as 350 percent increase in distributed energy resources (DERs) under contract.
AutoGrid’s integrated suite of Energy Internet software applications enables energy service providers operating in increasingly competitive market environments to build next-generation renewable-friendly energy networks by managing and optimising DERs in real-time while engaging customers, enhancing reliability and reducing operating expenses.
“This investment will help accelerate our mission of creating software that can leverage data to power our future energy needs, eliminating our dependence on unsustainable fossil-fuels,” said Dr Amit Narayan, founder and CEO of AutoGrid.
“Energy Impact Partners is focused on supporting companies that are optimising energy consumption and improving sustainable energy generation,” added Michael Donnelly, the EIP partner who will be joining AutoGrid’s board of directors.
“Big data analytics and automated control of grid operations will allow utilities to adapt to the increasingly complex distributed energy environment. Having these capabilities in a system that is both scalable to millions of endpoints and rapidly deployable is a game changer.”