AutoGrid, a noted company that builds artificial intelligence and machine learning-based software applications announced on Tuesday that they had secured $32 million in series D funding from a set of strategic energy investors. According to their official press statement, the investors in this round include CLP Holdings Group, innogy, Ørstead and Tenaska, among others.
This investment is reportedly the largest infusion to date in any pure-play software platform focused on applying AI to real-time optimisation and controls of flexible energy resources. With this round, AutoGrid has raised a total of $75 million to accelerate growth and further increase its product differentiation.
“We are humbled by the trust and responsibility that some of the largest energy companies in the world are placing in us in their transformative journey towards a new energy future,” said Dr Amit Narayan, CEO of AutoGrid, in a statement. “We are excited by this investment, which will help us to drive forward our mission of accelerating the world’s transition to clean, affordable and reliable energy,” he added.
AutoGrid is now hiring aggressively in energy, AI, big data and internet of things (IoT) areas to develop the capacity to manage increasingly larger-scale and complex grid modernisation and digital transformation projects across the globe. In fact, they are on track to contract over 5,000 MW of flexible resources on their platform before the end of 2018, representing a compound annual growth rate of over 100 percent for each of the last three years.
These new partnerships have come with commercial projects that will shape the future of the energy industry, redefine Asian and European markets, and demonstrate the importance of flexibility management as a core competency for successful energy companies.
AutoGrid has evaluated the needs of DSM in India and is currently working with the Andhra Pradesh Government and APSPDCL to build and launch these path-breaking programs which will create the basis for transformational changes in the electricity sector.