California-based AutoGrid Systems closes Series C funding with $12.75M
Redwood Shores, California-based AutoGrid Systems was able to raise $12.75 million for its Series C funding round. The financing was led by a group of strategic investors which include European utility firm E.ON and existing investors like Foundation Capital and Voyager Capital, a statement about funding said.
AutoGrid Systems seeks to provide the energy industry with big data analytics and cloud computing solutions. Specifically, the company comes up with services for utilities of all sizes, grid operators and electricity retailers, among others, that can help reduce costs and enhance the reliability of the electricity supply chain, the statement said.
Proceeds of the latest funding round will help the company's fast growing customer growth for its EDP or Energy Data Platform. It will also be used to add more to the suite of applications on the EDP that can be used by the energy industry, the statement said.
Through the predictive control applications built on the EDP, power providers are able to reduce peak power as well as provide the balance of supply and demand in real-time. The technology will also enable them to perceive theft or find out if there are outages by using data found in various business units and data silos. EDP has the power to gather data from millions of devices in more than 100 different vendors and conduct real-time processing, the statement said.
AutoGrid Systems Founder and Chief Executive Officer Amit Narayan said in the statement, "We are proud to receive a strategic investment from E.ON, one of the most respected global leaders in the energy world. This investment will help accelerate our mission of turning Big Data into the cheapest, cleanest and most reliable source of power."
E.ON serves more than 26 million customers in Russia, Europe, Brazil, North America and Turkey. It is considered one of the biggest utility holding firms in the world, generating annual revenues of more than €130 billion, the statement said.