TechDogs-"CIBC Innovation Banking Provides $18 Million Growth Financing To Bidgely"

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CIBC Innovation Banking Provides $18 Million Growth Financing To Bidgely

By Business Wire

Business Wire
Overall Rating

Financing will fuel company’s continued expansion into the burgeoning electric vehicle and grid modernization markets

LOS ALTOS, Calif.--(BUSINESS WIRE)--CIBC Innovation Banking announced today that it has increased its growth financing commitment to Bidgely, a leading provider of artificial intelligence (AI) powered energy intelligence solutions for energy providers worldwide. The additional financing commitment will strengthen Bidgely’s ability to support critical utility initiatives, particularly as the proliferation of electric vehicles (EV) and global decarbonization goals redefine the energy market.

Bidgely’s UtilityAI™ analyzes smart meter data to provide appliance-level insights into daily energy consumption without requiring any intrusive monitoring hardware, giving utilities comprehensive insights into customers’ usage patterns and anticipated grid loads.

By empowering utilities with data-driven insights, Bidgely enables utility companies to achieve strategic goals such as accurate grid planning and load forecasting, together with the ability to better manage the influx of EVs on their grid through enhanced customer engagement, optimized time of use, load shifting, and managed charging.

“Layering on AI to customer data is an incredibly powerful tool for empowering utilities to build modern electric grids that are resilient and reliable, while also encouraging consumers to reduce their carbon footprint,” said Abhay Gupta, CEO of Bidgely. “This commitment from CIBC Innovation Banking will fuel our ability to continue innovating solutions that support the evolving needs of our utility partners.”

“Utilities around the world rely on Bidgely’s artificial intelligence-powered energy solution to guide their clients to smart energy decisions," said Amy Olah, Managing Director, CIBC Innovation Banking. “Our continued support speaks to Bidgely’s success and our commitment to back innovative software companies across North America throughout their growth journey.”

CIBC Innovation Banking’s financing commitment comes on the heels of Bidgely’s significant progress in its comprehensive EV Management solution for Investor-Owned Utilities, Cooperatives and Municipalities.

About CIBC Innovation Banking

CIBC Innovation Banking delivers strategic advice, cash management and funding to innovation companies across North America, the UK, and select European countries at each stage of their business cycle, from start up to IPO and beyond. With offices in Atlanta, Austin, Boston, Chicago, Denver, Durham, London, Menlo Park, Montreal, New York, Reston, Seattle, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC’s commercial banking, private banking, wealth management and capital markets businesses.

About Bidgely

Bidgely is an AI-powered SaaS Company accelerating a clean energy future by enabling energy companies and consumers to make data-driven energy-related decisions. Powered by our unique patented technology, Bidgely's UtilityAI™ Platform transforms multiple dimensions of customer data – such as energy consumption, demographic, and interactions – into deeply accurate and actionable consumer energy insights. We leverage these insights to empower each customer with personalized recommendations, tailored to their individual personality and lifestyle, usage attributes, behavioral patterns, purchase propensity, and beyond. From a Distributed Energy Resources (DER) and Grid Edge perspective, Bidgely is advancing smart meter innovation with data-driven solutions for solar PVs, EV detection, EV behavioral load shifting and managed charging, energy theft, short-term load forecasting, grid analytics, and TOU rate designs. Bidgely’s UtilityAI™ energy analytics provides deep visibility into generation, consumption for better peak load shaping and grid planning, and delivers targeted recommendations for new value-added products and services. With roots in Silicon Valley, Bidgely has over 17 energy patents, $75M+ in funding, retains 30+ data scientists, and brings a passion for AI to utilities serving residential and commercial customers around the world. Bidgely is a privately held company, with capital from investors such as Georgian, Moore Strategic Ventures, Accurant International, Constellation Technology Ventures, Khosla Ventures and Future Energy Ventures. For more information, please visit www.bidgely.com or the Bidgely blog at bidgely.com/blog.

Contacts

Katarina Milicevic
CIBC
katarina.milicevic@cibc.com
416-784-6108

Christine Bennett
Bidgely
press@bidgely.com

First published on Tue, Jul 25, 2023

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