– USA, NY – Energy Impact Partners (EIP) announced today that it has led a consortium of investors to provide $20 million in financing for AutoGrid Systems, the Energy Internet leader. AutoGrid will utilize the funds to expand operations and bring its breakthrough data analytics and predictive control technology to energy companies, utilities, and electricity users worldwide. The consortium includes Envision Ventures, as well as existing investors E.ON Venture Partners, Foundation Capital and Voyager Capital.
The new round of funding will drive significant growth in AutoGrid’s customer deployments for its Demand Response Optimization and Management System (DROMS), and help it expand the suite of applications available on its Energy Data Platform (EDP) for use by the energy industry.
“Together with our partners — some of the world’s largest and most innovative utilities — we are looking to develop and support the emerging leaders that are building the energy grid of the future. AutoGrid has great potential to become one of them,” commented Hans Kobler, Managing Partner at EIP.
“AutoGrid offers unparalleled real-time connectivity and control with its software platform. Big data analytics and automated control of grid operations 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,” added Michael Donnelly, the EIP Partner joining AutoGrid’s Board of Directors.
“We are excited to work with Energy Impact Partners, who bring both capital and extensive energy industry knowledge from their utility partners,” said Dr. Amit Narayan, founder and CEO of AutoGrid. “This investment will help accelerate our mission of leveraging big data to ensure utilization of the cheapest, cleanest, and most reliable sources of power.”
AutoGrid’s Energy Data Platform (EDP) provides secure big data analytics capabilities that analyze complex interrelationships within the energy supply chain using data from smart meters, building management systems, machine-to-machine systems and other assets. Applications built on EDP enable power providers to curb peak power, balance supply and demand in real-time, and detect theft or identify outages and take corrective action.
About Energy Impact Partners
Energy Impact Partners is a collaborative strategic investment fund that invests in companies optimizing energy consumption and improving sustainable energy generation. Through close collaboration with its strategic investor base, EIP seeks to bring the best companies, buying power and vision in the industry to bear on the emerging energy landscape.
About AutoGrid Systems
AutoGrid builds software applications that enable a smarter Energy Internet. The company’s suite of Energy Internet applications allows utilities, electricity retailers, renewable energy project developers and energy service providers to deliver cheap, clean and reliable energy by managing networked distributed energy resources (DERs) in real time and at scale. AutoGrid applications are all built on the AutoGrid Energy Data Platform (EDP), with patented Predictive Controls™ technology that leverages petabytes of smart meter, sensor and third-party data, along with powerful data science and high-performance computing algorithms, to monitor, predict, optimize and control the operations of millions of assets connected across global energy networks.
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