Utilidata Raises $26.75 Million to Accelerate the Clean Energy Transition
Led by Moore Strategic Ventures, with investments from the Microsoft Climate Innovation Fund and NVIDIA, funds will support the development and deployment of a real-time AI software platform for the electric grid.
For Immediate Release
February 8, 2022
(PROVIDENCE, RI – February 8, 2022) Utilidata, an industry leading grid-edge software company, announced today that it has secured $26.75 million in new capital. The round was led by Louis Bacon’s Moore Strategic Ventures (MSV), with participation from the Microsoft Climate Innovation Fund and NVIDIA, as well as existing investors Keyframe Capital, Braemar Energy Ventures, and MUUS Asset Management.
Utilidata has a decade of experience deploying software that optimizes the electric distribution grid for major utilities, including National Grid and American Electric Power. The company is now bringing an advanced software platform to devices at the edge of the system. This platform leverages real-time data and machine learning to enhance grid resiliency, integrate distributed energy resources (DERs) — including solar, storage, and electric vehicles (EVs) — and accelerate the transition to a decarbonized grid.
“Utilidata’s innovative approach to grid intelligence has the potential to radically transform the electric distribution system by giving the world’s innovators the tools needed to develop and implement cutting edge software for the grid,” said James McIntyre, Senior Managing Director and COO of Moore Strategic Ventures. “Their platform will unleash some of our brightest minds to find solutions for the weakest link in the energy sector and the biggest risk to electrifying transportation and meeting global decarbonization goals. We are excited to be partnering with NVIDIA and the Microsoft Climate Innovation Fund to accelerate the deployment of this advanced technology and bring technological innovation to energy distribution.”
A member of NVIDIA Inception, a program designed to nurture cutting-edge startups, Utilidata recently announced that the company 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.
“Today’s power grid is limited in its ability to support society for the long-term,” said Marc Spieler, Head of Global Energy Business Development at NVIDIA. “Applying AI and machine learning will improve that foundation for a safe, efficient, sustainable network that enhances daily life. We are working with Utilidata to bring increased grid resiliency, real-time smart operations, and incorporation of clean energy sources, all to the benefit of the consumers who rely on it.”
This round follows an $8.25 million raise that closed in July 2020, which enabled Utilidata to accelerate the development of its meter-based software solutions. These patented real-time machine learning solutions leverage real-time data from smart meters and other distribution grid devices to detect anomalies that are precursors to system failures and outages, optimize grid operations, and integrate exponentially more DERs onto the utility system.
“To successfully decarbonize energy systems, we need digital technologies to make the grid more sophisticated, optimized, and efficient, especially as we see increased renewable and distributed energy resources,” said Mark Kroese, General Manager of Sustainability Solutions at Microsoft. “Utilidata has developed a unique solution that can help accelerate the path to grid decarbonization and transform the way distribution utilities operate.”
The company is establishing an advisory board, with NVIDIA, that will bring together executives from utility companies and clean energy companies to guide the development and deployment of software solutions that enable grid modernization and deliver enhanced value throughout the entire energy ecosystem.
“The electric grid is an engineering marvel and our economic lifeblood, but for it to keep pace with the coming onslaught of EVs and distributed energy resources, utility technologies and business models need to drive far better outcomes,” said Utilidata CEO Josh Brumberger. “Real-time edge data can make virtual power plants more valuable, provide operators more nimble tools than rolling blackouts and make sure solar and EVs get onto the system quicker and more affordably. We are thrilled to have the support of MSV, Microsoft and NVIDIA, especially given their leadership investing in technologies that transform industries and combat climate change.”
Utilidata is a leading energy technology company that is digitizing the grid edge to unleash the full potential of clean energy. The company’s patented real-time machine learning software leverages data from every point on the distribution grid to enhance visibility, optimize operations, detect anomalies, and integrate distributed energy resources. For more information, visit utilidata.com or follow @Utilidata on Twitter.
About Braemar Energy Ventures
Founded in 2003, Braemar Energy Ventures is a leading venture capital firm focused on transformative energy-tech and related companies contributing to global sustainability and combating climate change. Using sector expertise and experience, Braemar aims to be an engaged partner with its portfolio companies to best help them navigate the path to significant global impact. For more information, visit braemarenergy.com or follow @BraemarEnergy on Twitter.