Utilidata, a Providence, RI-based industry-leading grid-edge software company, announced that it secured $26.75 million in new funding.
The round was led by Louis Bacon’s Moore Strategic Ventures (MSV), with participation from Microsoft Climate Innovation Fund and NVIDIA, and existing investors Keyframe Capital, Braemar Energy Ventures, and MUUS Asset Management.
The funds will support the development and deployment of a real-time AI software platform for the electric grid, to accelerate the deployment of this advanced technology and bring technological innovation to energy distribution.
Company: Utilidata, Inc.
Funding Month: February 2022
Lead Investors: Louis Bacon’s Moore Strategic Ventures (MSV)
Additional Investors: Microsoft Climate Innovation Fund, NVIDIA, Keyframe Capital, Braemar Energy Ventures, and MUUS Asset Management
Company Website: https://utilidata.com/
Software Category: Grid-edge software
About the Company: Led by CEO Josh Brumberger, Utilidata provides a patented real-time machine learning software platform that leverages data from every point on the distribution grid to enhance visibility, optimize operations, detect anomalies, and integrate distributed energy resources. The system leverages real-time data and machine learning to enhance grid resiliency, integrate distributed energy resources (DERs) — including solar, storage, and electric vehicles (EVs). Utilidata is working with NVIDIA to develop a smart grid chip that can be embedded in smart meters and other grid-edge devices. The smart grid chip will serve as the platform for managing real-time, autonomous, and decentralized grid operations. The U.S. Department of Energy’s National Renewable Energy Laboratory will be among the first to test the smart grid chip.
Source: https://www.finsmes.com/2022/02/utilidata-raises-26-75m-in-funding.html https://utilidata.com/utilidata-raises-26-75-million-to-accelerate-the-clean-energy-transition/