Bidgely has closed $5 million in financing, with Khosla Ventures leading the round. According to the company, the funding will be used to meet consumer demand and expand the engineering team. Headquartered in Sunnyvale, Calif., Bidgely is a provider of energy technology solutions.
Sunnyvale, CA (PRWEB) July 26, 2013
Bidgely, the big data software company that is revolutionizing the way we use and save energy at home, announced today that it has raised an additional $5 million, bringing its total financing to date to $8 million. The round, led by existing investor Khosla Ventures, will be used to capitalize on strong customer demand and expand the engineering team.
Bidgely is the first-of-its-kind application that analyzes utility meter data to provide consumers a real-time breakdown of the amount and cost of energy used by appliances in their homes. The breakthrough software technology accomplishes this without installing any plug-level hardware sensors, making Bidgely’s solution cost-effective and easy to use. Its personalized savings recommendations have the potential to reduce residential energy consumption at a massive scale.
“Our vision is to put Bidgely in every home in the world,” said founder and CEO Abhay Gupta. “Our early adopters are fascinated by the insights we’re providing them, and we’ve only just scratched the surface. This financing is a great vote of confidence by our investors in the progress made by our team and in our technology, and we’re excited to expand our offering and reach a broader market.”
Bidgely is working with utilities with both smart meters and analog meters, as well as other third parties, to bring its solution to consumers. In addition, Bidgely now supports hourly interval data, making its product immediately available to any customer with a smart meter, a market that is projected to reach 250 million houses worldwide by 2015. Consumers with a smart meter and Green Button support from their utility can use the solution now through http://www.bidgely.com.
Founded in 2011 and headquartered in Sunnyvale, CA, Bidgely’s energy disaggregation technology is redefining the way residential consumers use and save energy. For more information, visit http://www.bidgely.com.