Cloud computing player AutoGrid Systems has raised $12.75 million in a fresh round of funding, including support from Germany’s E.ON, one of the world’s largest utility companies.
The company said the investments would be used to expand operations as it looks to promote its big data analytics solutions to energy companies and electricity users globally.
Specifically, funding will help to support the rapid customer growth for the Energy Data Platform (EDP) product, said AutoGrid (Redwood Shores, CA, USA), as well as expand the range of applications available on EDP for use by the energy industry.
The consortium of investors includes Foundation Capital (Menlo Park, CA, USA) and Voyager Capital (Menlo Park, CA, USA) – which previously backed AutoGrid – as well as E.ON (Dusseldorf, Germany), which serves more than 26 million customers across Europe, Russia, North America, Brazil and Turkey, and reports annual revenues of more than €130 billion ($178 billion).
“In a short span of time, AutoGrid has established itself as a leader in big data analytics for the energy industry,” said Dan Ahn, managing director at Voyager Capital.
“We are very proud to have been working with this outstanding team since the very beginning,” added Ahn. “Big Data driven predictive analytics and automated control of complex industrial processes is one of the largest economic opportunities of our time, and AutoGrid’s Energy Data Platform is well positioned to play a defining role in this sector.”
Foundation Capital claims to have already backed a number of successful smart-grid pioneers, including EnerNOC (Boston, MA, USA), eMeter (San Mateo, CA, USA) and Silver Spring Networks (Redwood City, CA, USA), and sees funding of AutoGrid as a continuation of its strategy.
AutoGrid says the forecasts that its EDP generates are able to create a “comprehensive portrait of grid activity”, allowing utilities and electricity users to predict and manage power distribution and consumption “in a precise, secure manner”.
The company says a demand response management application it has developed based on EDP costs up to 90% less to implement than conventional systems, and yields up to 30% more power per demand response event by leverage EDP’s advanced forecasting and customer analytics capabilities.
AutoGrid has already signed up a number of high-profile customers, including the City of Palo Alto Utilities, Austin Energy (TX, USA) and Oklahoma Gas and Electric.
It is also collaborating with organizations such as SAP (Walldorf, Germany), Big Data Energy Services (Houston, TX, USA) and the Department of Energy on new applications for EDP.
“We are proud to receive a strategic investment from E.ON, one of the most respected global leaders in the energy world,” said Amit Narayan, founder and chief executive of AutoGrid Systems. “This investment will help accelerate our mission of turning Big Data into the cheapest, cleanest and most reliable source of power.”