Utilidata Raises $8.25 Million to Scale Grid-Edge Optimization Technology
(PROVIDENCE, RI – August 10, 2020) Utilidata®, Inc., an industry leader in grid-edge optimization, announced today that the company has raised $8.25 in equity financing to accelerate the growth of its smart meter-based software platform. The Series C round was led by Keyframe Capital, along with participation from MUUS Asset Management and existing investors Braemar Energy Ventures and American Electric Power (AEP).
“We are incredibly excited to be working with the Utilidata team,” said John Rapaport, Keyframe’s Chief Investment Officer and Utilidata Board member. “The energy industry is undergoing a major transformation. Real-time data and analytics are desperately needed to help all stakeholders capitalize on the value creation opportunity that this transition presents. Utilidata’s market leading grid-edge software applications have made them a critical partner to their customers, giving them the tools that they need to optimize today’s grid at its edge, and the capabilities required to unlock the new market structures and collaboration opportunities of tomorrow’s grid.”
The fundraise comes on the heels of Utilidata acquiring new technologies and expanding its footprint in New York. Earlier this year, the company secured the rights to a breakthrough technology developed by the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL) that will put real-time operational controls at the edge of the electric grid. The company is also working with National Grid and New York State to better integrate solar energy onto the grid and enable safe, reliable, and rapid solar growth.
“Among the companies with the greatest potential to scale ambitious and necessary decarbonization efforts at the grid level, Utilidata stood out,” said Ben Wolkon, Manager of Sustainable Investments at MUUS. “Their technology will enable the rapid growth of distributed energy resources, including solar, battery storage, and electric vehicles, making the grid cleaner, and giving more customers the ability to connect distributed resources to the grid.”
With the Series C funding, Utilidata will continue the development and deployment of real-time grid-edge software, including embedding solutions directly into advanced metering infrastructure (AMI).
“Utilidata has already proven its ability to make the grid more efficient by developing and deploying the industry-leading voltage optimization at scale,” said Don Tappan, Braemar Energy Ventures Partner and Utilidata Board member. “We’re excited to welcome two new world-class partners as the company continues its trajectory toward being the pre-eminent grid optimization solution.”
Utilidata has long-standing partnerships with a number of leading utilities, including AEP and National Grid, as well as ground-breaking partnerships with the largest meter companies in the world.
“As AEP focuses on investing in technologies that deliver more reliable, affordable, and cleaner energy to customers, Utilidata has proven to be an innovative partner,” said Lisa Barton, Executive Vice President – Utilities for American Electric Power. “Through this partnership, we are modernizing our system in Ohio and delivering savings to our customers.”
“I am excited to have the support of Keyframe, MUUS, and our existing investors as Utilidata embarks on the next chapter in enabling a clean energy future,” said Josh Brumberger, Utilidata’s Chief Executive Officer. “We have an incredibly talented and ambitious team that is working to deploy technology in new ways to make the grid smarter, cleaner, and more efficient.”
About Utilidata: Utilidata®, Inc., is an industry leader in energy grid optimization. The company’s patented technology captures real-time signals from the electric grid and provides actionable insights to save energy, integrate distributed energy resources, and better detect grid anomalies. The company is headquartered in Providence, Rhode Island. For more information, please visit utilidata.com or follow @Utilidata on Twitter.