"We are excited by this investment, which will help us drive forward our mission of accelerating the transition to clean, affordable and reliable energy," a press release quoted chief executive officer of Autogrid Amit Narayan as saying.
All the existing investors - Energy Impact Partners, EnvisionVentures, Total Energy Ventures, Clearsky Power and Technology Fund, E. ON and Foundation Capital - also participated in thisround, the release said.
AutoGrid's round of USD 32 million represents the largest infusion to date in any pure-play software platform focused on applying AI to real-time optimisation and controls of flexibleenergy resources, it said.
With this round, the company has raised a total of USD 75 million to accelerate growth and further increase its productdifferentiation, the release said.
The round is led by a global consortium of energy companies, allowing AutoGrid to accelerate commercial deployment of the AutoGrid Flex platform across North America, Europe and Asia-Pacific, it said.
The consortium that includes seven of the 10 largest utilities in North America serves over 100 million customers globally and represents USD 1 trillion in the total market capitalisation, the release said.
AutoGrid is experiencing rapid growth and is on track toget a contract for over 5,000 MW of flexible energy resources on its platformbefore this year-end, representing a compound annual growth rate of over 100 per cent for each of the last three years,it added.
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