AutoGrid Systems, a leader in Big Data Analytics and Cloud Computing solutions for the energy industry, today announced that it has raised $12. $75 million in Series C financing led by a consortium of strategic investors to expand its operations and bring its breakthrough Big Data analytics and predictive control technology to energy companies, utilities and electricity users worldwide. The consortium comprises the major European utility E ON as well as existing investors, the Capital Foundation and Voyager Capital, among others.
The new round of funding will support the rapid growth of AutoGrid’s Energy Data Platform (EDP) customers as well as the expansion of the suite of company-developed and third-party applications available on the EDP for use by the energy industry.
‘E’ ON has an ambitious goal of making energy cleaner and better wherever we operate,” said Dr. Urban Keussen, Senior Vice President, Technology and Innovation at E ON ON ‘We are looking forward to deploying AutoGrid’s leading market in big data analytics and cloud computing technologies across a number of our businesses. ”
E E ON is one of the largest utility holding companies in the world, serving more than 26 million customers in Europe, Russia, North America, Brazil and Turkey, with annual revenues exceeding EUR 130 billion.
‘In a short period of time, AutoGrid has established itself as a leader in energy industry Big Data Analytics,’ said Dan Ahn, Managing Director of Voyager Capital. ‘We are very proud to have been working with this outstanding team from the very beginning. Big Data-driven predictive analysis and automated control of complex industrial processes is one of the greatest economic opportunities of our time, and AutoGrid’s Energy Data Platform is well positioned to play a defining role in this sector. ”
‘Foundation Capital has been lucky enough to support a number of successful smart grid pioneers – from EnerNOC to eMeter and Silver Spring Networks – and we are thrilled to continue building the next wave of innovation with our investment in AutoGrid’s outstanding team and technology,’ said Steve Vassallo, general partner at the Capital Foundation.
AutoGrid’s Energy Data Platform is a highly scalable and secure large data analytics platform that analyzes complex energy supply chain interrelationships through structured and unstructured data coming from smart metres, building management systems, M2M systems and other assets. EDP forecasts provide a comprehensive portrait of grid activity that allows generators, utilities, energy service providers and electricity users to predict and manage power distribution and consumption in a precise, secure manner.
Predictive EDP-based control applications allow power providers to reduce peak power, balance supply and demand in real time, detect theft or identify outages by using data spread across different business units and data silos. Based on open standards like OpenADR 2 0b, Smart Energy Profile 0 and through an extensive library of interfaces to existing AMI systems, back-to-door devices, building management systems, grid sensors and weather services, EDP is able to gather data from millions of devices from over 100 different vendors and process it in real-time.
AutoGrid’s Demand Response Optimization and Management System (DROMS), an EDP-based demand response management application, costs up to 90% less to implement than conventional demand response management systems, supports the entire spectrum of behavioral and automated demand response programs in a unified manner, and yields up to 30% more power per demand response event by utilizinzin.
The company’s breakthrough technology enjoys a significant market momentum with several significant customer gains:
The City of Palo Alto Utilities has implemented a demand response program for commercial customers within 30 days. Ordinary demand response systems would take months to implement The program will save an average of 1 Two megawatts per event.
Austin Energy has created a ‘Bring Your Own Thermostat’ demand response program with AutoGrid, which is linked to thermostats purchased by consumers at retail outlets. The system has reduced HVAC loads in subject homes by up to 33%. EVs can also link to the system so that drivers can make money by delaying charging.
Silver Spring Networks, a leader in smart metre technologies, uses AutoGrid’s Energy Data Platform as part of its UtilityIQ Demand Optimizer product.
Oklahoma Gas and Electric uses AutoGrid’s Energy Data Platform to reach more than 70,000 customers in one of the world’s largest two-way, thermostat-based residential demand response programs.
NTT DATA, one of the largest IT service providers in the world, uses the Energy Data Platform to build new energy management space applications.
Schneider Electric, a global leader in smart grids, uses the Energy Data Platform to provide demand-response functionality within the Wiser home management system.
AutoGrid is also working with industry leaders such as SAP, Big Data Energy Services, Lawrence Berkeley National Laboratory, the Department of Energy and the California Energy Commission on new applications and opportunities for EDP and DROMS.
“We are proud to receive a strategic investment from E. ON, one of the world’s most respected energy leaders,” said Amit Narayan, founder and CEO of AutoGrid Systems. ‘This investment will help to accelerate our mission to turn Big Data into the cheapest, cleanest and most reliable source of power. ”
The company will also discuss a new strategic initiative at DistribuTECH taking place in San Antonio, Texas, from 28 to 30 January 2014.
About the AutoGrid System
AutoGrid is dedicated to bringing the power of Big Data, predictive analytics and Internet-scale computational techniques to the generation and consumption of electricity. Serving utilities of all sizes, grid operators, electricity retailers, ESCO service companies and end-users, AutoGrid develops and markets services that both help lower costs and improve the reliability of the electricity supply chain. Visit
