Utilidata Raises $26.75 Mn to Develop AI Platform for Electric Grid

Utilidata, an industry leading grid-edge software company, announced 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. 

"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. 

"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.