(Bloomberg) -- A Silicon Valley company that developed an application to help people manage their utility bills and energy use has raised $27 million in what it’s describing as the largest round of funding for a business of its kind.
The Mountain View, California-based firm Bidgely Inc. raised the money in a Series C round that was led by Georgian Partners and included prior investors Khosla Ventures, EON SE, Innogy SE and Constellation Technology Ventures, the venture capital arm of Exelon Corp.
Bidgely is one of many software firms partnering with electric utilities to offer customers a more in-depth analysis of their utility bills and energy use by tapping into meter data. The company, which runs a service that’s accessible online and through smartphones, has contracts in 12 countries with more than 25 utilities including Duke Energy Corp., PG&E Corp. and EON.
As they face increasing competition from rooftop solar and batteries, “most progressive utilities are looking for the next innovation to help them overcome challenges,” Bidgely Chief Executive Officer Abhay Gupta said.
In one sign of growing interest in the space, technology giant Oracle Corp. bought Opower Inc., which analyzes data to help utility customers better understand their bills, in 2016.
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