Energy management platform Bidgely (which means electricity in Hindi) has raised $16.6 million in a round led by Constellation Technology Ventures, the venture capital arm of NYSE-listed Exelon. European utility companies E.ON and RWE, and existing investor Khosla Ventures also participated in the round.
The raised capital shall be deployed towards expanding the company’s foothold worldwide. Commenting on the fund raise, Abhay Gupta, CEO at Bidgely said, “This will accelerate our already rapid market adoption with several full-scale deployments globally.”
Bidgely’s solutions could be used by both- individual customers and energy utility companies. Its energy monitor app helps consumers in comparing their energy consumption with neighbours. It also identifies the most energy draining devices and allows the user to remotely control thermostats and such.
Some of the players competing in this segment are Ecolibrium Energy, LoudCell, REConnect, Zenatix, LogicLadder etc.