NEWS5 November 2012

AutoGrid raises $9m for energy-focused analytics

Financials North America

US — AutoGrid Systems, a provider of big data analytics and software services enabling utilities and end-users to control power consumption, has raised $9m in venture funding from investors in Silicon Valley.

The company secured the funding from private investors including Foundation Capital, Voyager Capital and Stanford University. An additional $5m comes from contracts with ARPA-E, the projects research agency of the US Department of Energy, and the California Energy Commission.

The funding follows the recent public launch of the Energy Data Platform (EDP), a software platform for mining the wealth of data from smart meters and other networked assets connected to the grid. In addition, the company unveiled the Demand Response Optimisation and Management Systems (DROMS), a software-as-a-service demand response platform.

Steve Vassallo, a partner at Foundation Capital, says it has invested in the business because of the potential of these analytics products. “AutoGrid transforms data into actionable intelligence for both utilities and their customers. As an initial application, the technology will dramatically help expand how demand response programs are used by utilities and retail electricity providers in the nation and around the world.”

Dan Ahn, managing director at Voyager Capital, added: “This is a huge, long-term opportunity to apply state-of-the-art big data analytics, with a disruptive business model, to transform a 100-year-old industry.”