Bengaluru-based AI-powered energy startup AutoGrid has raised around ₹232 crores ($32 million) in series D funding from a global consortium of energy companies including Hong Kong-based CLP Holdings Group, Germany-based innogy, Ørstead from Denmark, and Tenaska from the US.
All existing investors including Energy Impact Partners, Envision Ventures, Total Energy Ventures, Clearsky Power & Technology Fund, E.ON, and Foundation Capital, participated in the round.
With this round, the startup has raised a total of $75 million to accelerate growth and further increase its product differentiation.
The funds raised will be used to accelerate commercial deployment of AI-powered flexible energy resources network across North America, Europe, and Asia-Pacific.
AutoGrid provides an AI-powered real-time optimization and control platform that uses data analytics, machine learning, and IoT technologies to enable a smarter and cleaner distributed energy world.
Talking about the investment, Dr Amit Narayan, Chief Executive Officer, AutoGrid, said, “We are humbled by the trust and responsibility that some of the largest energy companies in the world are placing in us in their transformative journey towards a new energy future. We are excited by the opportunity this investment gives us to drive forward our mission of accelerating the world’s transition to clean, affordable and reliable energy.”
AutoGrid’s flexibility management applications allow utilities, energy retailers, and energy service providers to deliver clean, affordable, and reliable energy by managing networked distributed energy resources (DERs) in real-time and at scale.
The startup claims to have more than 3,500 megawatts of flexible capacity from DERs under contract, it plans to expand the capacity to 5,000 megawatts of flexible resources before the end of 2018.
It has leading global energy companies as its clients including National Grid, NextEra Energy, E.ON, Total, Xcel Energy, China Light, and Power, among 30 other energy companies from around the world.
AutoGrid has evaluated the needs of DSM in India and is currently working with the Andhra Pradesh government and APSPDCL to build and launch these programs that will create the basis of transformational changes in the electricity sector.