Autogrid raises USD 32 million in series-D funding

AutoGrid, which builds software applications that utilise AI, machine learning, big data and internet of things technologies, on Wednesday announced it has raised USD 32 million in series-D funding secured from a set of energy investors.

Series-D funding is a type of funding round used for venture capital financing by which start-ups get investment generally from venture capitalists and other institutional investors.

The new set of investors includes CLP Holdings Group, innogy, rstead, Tenaska and others.

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.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)