AutoGrid Systems has raised $12.75 million in Series C financing led by a consortium of strategic investors to expand its operations. The consortium includes the large European utility E.ON as well as existing investors Foundation Capital and Voyager Capital, among others.
The new round of funding will support AutoGrid’s customer growth for its Energy Data Platform (EDP) as well as expand the suite of company developed and third party applications available on EDP for use by the energy industry.
AutoGrid’s EDP is a big data analytics platform that analyzes the complex interrelationships within the energy supply chain through the petabytes of structured and unstructured data coming from smart meters, building management systems, M2M systems and other assets. The forecasts generated by EDP create a comprehensive portrait of grid activity that lets generators, utilities, energy service providers and electricity users predict and manage power distribution.
Austin Energy created a “Bring Your Own Thermostat” demand response program with AutoGrid that linked to thermostats consumers bought at retail. The system has cut HVAC loads by up to 33 percent in subject homes.