AutoGrid Systems announced that it has raised over $20 million in financing from a consortium of global strategic investors.
AutoGrid plans to use the funding to further develop its Energy Internet suite of applications and to extend marketing and sales efforts in North America, Asia and Europe.
The consortium is led by the utility-backed fund Energy Impact Partners (EIP), an investment firm representing four of the largest utilities in the United States and United Kingdom, and Envision Ventures, a Silicon Valley-based fund focused on software for big data, the Industrial Internet of Things (IoT) and security.
The consortium also includes Envision Energy, one of the largest renewable energy developers and technology providers in the world with over 50 gigawatts of assets under management. All existing AutoGrid investors, including E.ON, one of the largest utilities and renewable energy developers in the world, participated in the heavily oversubscribed round.
Michael Donnelly of Energy Impact Partners will be joining AutoGrid’s board of directors.
The investment comes on the heels of a highly successful 2015, in which AutoGrid realized 100 percent year-over-year growth in annual recurring revenues and a 350 percent increase in distributed energy resources (DERs) under contract.
Commenting on this development, Dr. Amit Narayan, founder and CEO of AutoGrid, said, “This investment will help accelerate our mission of creating software that can leverage data to power our future energy needs, eliminating our dependence on unsustainable fossil-fuels.”