PROVIDENCE – Utilidata Inc., which develops software for the energy industry, announced Tuesday it has raised $26.75 million to support the development and deployment of a real-time AI software platform for the electric grid.
The platform leverages real-time data and machine learning to enhance grid resiliency, integrate distributed energy resources — including solar, storage, and electric vehicles — and accelerate the transition to a decarbonized grid.
The latest round of funding was led by Louis Bacon’s Moore Strategic Ventures, with participation from the Microsoft Climate Innovation Fund and Nvdia Corp., as well as existing investors Keyframe Capital, Braemar Energy Ventures, and MUUS Asset Management.
“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,” James McIntyre, senior managing director and COO of Moore Strategic Ventures, said in a statement. “Their platform will unleash some of our brightest minds to find solutions for the weakest link in the energy sector and the biggest risk to electrifying transportation and meeting global decarbonization goals.”
This round follows an $8.25 million raise that closed in July 2020, that enabled Utilidata to accelerate the development of its meter-based software solutions. Utilidata recently announced that the company is working with Nvdia Corp. 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.
“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 Nvdia Corp. “Applying AI and machine learning will improve that foundation for a safe, efficient, sustainable network that enhances daily life.”
