Utilidata said Tuesday that it has closed more than $20 million in Series B financing. Formation 8 Partners and Saudi Aramco Energy Ventures led the round with participation from return backers Braemar Energy Ventures and American Electric Power. Concurrent with the funding, Jim Kim, founder of Formation 8, will join Utilidata’s board of directors. Headquartered in Providence, Rhode Island, Utilidata is a provider of voltage optimization and digital automation solutions for the electric utility industry.
PROVIDENCE, R.I.–(BUSINESS WIRE)–Utilidata, Inc., a leading supplier of voltage optimization and digital automation systems for the electric utility industry, today announced that it has secured more than $20 million in Series B financing. Formation 8 Partners and Saudi Aramco Energy Ventures (‘SAEV’) led the round and were joined by existing investors Braemar Energy Ventures and American Electric Power – one of the nation’s largest utilities. The funding will allow Utilidata to bring new advances and innovation related to digital automation, voltage optimization and systems management to market, and further expands its presence in North America, Asia and the Middle East. Formation 8 founder, Jim Kim, will join Utilidata’s board of directors.
“Utilidata sits at a unique intersection of IT data analysis and energy,” said Mr. Kim. “The company’s ability to access truly unique data about the power grid, while providing significant customer savings through automated voltage and VAR optimization, will help utilities solve some very big challenges related to distributed generation, reliability and security. We also see a big opportunity to scale this technology in Asia, where the benefits of increased efficiency and intelligent control could reduce the cost of electricity, enabling more sustainable growth.”
In addition to securing opportunities in Asia, the company is looking forward to its partnership with Saudi Aramco, a major industrial electricity consumer with substantial in-house power distribution assets. The Kingdom of Saudi Arabia is one of the largest global users of electricity, experiencing rapid industrial and economic growth. Utilidata’s voltage and VAR optimization systems have the potential to create significant economic benefits through lower energy consumption, reduced peak demand, improved distribution grid capacity, and better visibility over grid operations in the Kingdom.
“We are excited to onboard such a deeply strategic and well-known group of investors with strong ties to our industry. Both Formation 8 and Saudi Aramco bring together world-class expertise and access to some of the largest markets in Asia and the Middle East. The investment group also forms a nexus of thinking around smart enterprise management and industrial efficiency,” said Scott DePasquale, Chairman and CEO of Utilidata.
Headquartered in Providence, RI, where it has built a world-class production, research and development facility, Utilidata®, Inc. is a technology innovator that is modernizing the distribution grid by leveraging advanced digital signal processing techniques to extract better information from voltage data and enable real-time solutions for intelligent voltage control while providing a steady stream of insightful grid asset data to operators.
The company’s AdaptiVolt™ Volt/VAR Optimization (VVO) Solution for utilities and large energy users has redefined voltage control by feeding more intelligent data into its patented elastic decision making process. As a result, AdaptiVolt™ delivers 25-50% greater voltage reduction than its competitors, is proven to decrease tap change equipment operations by 30% over traditional model-based approaches and is the only real-time solution that can mitigate against the intermittent operational effects of distributed generation. The solution optimizes energy efficiency and creates reliable energy savings for customers – without any required change in consumer behavior.
ABOUT FORMATION 8
Formation 8 is a leading venture capital firm that provides capital and strategic support for technology and energy technology companies. Formation 8 combines deep operating and investing experience to partner with the best entrepreneurs and transform important global industries. The firm is based in San Francisco and has offices in Palo Alto, Seoul, Beijing, Shanghai and Singapore. For more information, visit http://www.formation8.com.
ABOUT SAUDI ARAMCO ENERGY VENTURES
Saudi Aramco Energy Ventures is the corporate venturing subsidiary of the Saudi Arabian Oil Company (Saudi Aramco), the world’s leading fully integrated energy and petrochemical enterprise. Headquartered in Dhahran with offices in North America and Europe, SAEV’s mission is to invest globally in start-ups and high growth companies with technologies of strategic importance to its parent, Saudi Aramco. For more information about SAEV, please see www.aramcoventures.com.
ABOUT BRAEMAR ENERGY VENTURES
Braemar Energy Ventures is a venture capital fund making early- to mid-stage investments in the energy technology sector. The firm’s principals have invested in more than 60 companies in the sector and have more than 100 years of combined technical, operational and financial experience in energy and energy-related industries. Braemar partners with exceptional companies and management teams, in both alternative and traditional energy markets that can contribute to a more profitable and efficient energy landscape through innovation and marketplace expertise. Additional information is available at www.braemarenergy.com.