Utilidata, a machine learning-powered grid-edge software company, has secured $26.75 million in new capital.
Moore Strategic Ventures (MSV) led the round with the Microsoft Climate Innovation Fund, NVIDIA, Keyframe Capital, Braemar Energy Ventures, and MUUS Asset Management.
Utilidata develops meter-based software applications. The company’s machine learning software applications 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 distributed energy resources onto the utility system.
The company said that the fresh funds would support developing and deploying a real-time AI software platform for the electric 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.
Utilidata will also work 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.
According to Mercom Research, in August 2020, Utilidata raised $8.25 in financing from Keyframe Capital, MUUS Asset Management, Braemar Energy Ventures, and American Electric Power.
According to Mercom’s Q4 2021 and annual funding and M&A report for storage, grid, and efficiency, smart grid companies raised $1.2 billion in VC funding in 35 deals in 2021, a 55% increase compared to $748 million raised in 38 deals in 2020.