Innowatts closes $18.2m funding round
May 23, 2019
Innowatts, a Texas-based AI-enabled retail energy technology company, has closed an $18.2m series B funding round. The investment will let Innowatts extend the use of its eUtility platform helping regulated utilities, retail energy providers and smart grid operators increase the value of digitalisation and deliver a more personalised energy experience.
The round was led by Energy Impact Partners (EIP). Innowatts’ current funders – Shell Ventures, Iberdrola and Energy & Environment Investment (EEI) Japan – were joined by new investor Evergy Ventures.
Utilities and retail energy providers are increasingly challenged to develop more personalised, cost-effective, risk-mitigating, end-user products that address impacts of decarbonisation, digitalisation and decentralisation of energy. The eUtility platform provides a practical, cloud-based way to solve that problem, synthesising and analysing utility consumption data to deliver predictive insights and AI to the energy value chain.
“Competing in today’s complex and evolving marketplace requires utility companies use data and intelligence to drive business and customer value,” said Siddhartha Sachdeva, founder and CEO of Innowatts. “Energy Impact Partners, along with its coalition of innovative utility investors, appreciates the role that the eUtility platform can play in creating a smarter, more efficient energy value chain. We’re excited to have EIP join us on the next phase of our journey in building the digital utility of the future.”
The platform has been deployed by a broad range of companies, including retail energy providers, regulated utilities, energy trading firms and new players in the emerging energy ecosystem. The platform processes meter data from more than 21 million users globally and across13 regional energy markets, representing what it says is the largest body of machine learning-enabled customer intelligence available today.
“We invest in companies driving the transformation of the energy sector towards an increasingly decarbonised, digitised and electrified future, solutions that our utility partners can commercialise at scale and have the greatest impact,” said Michael Donnelly, chief risk officer at EIP. “Innowatts is poised to become a key building block in the software-driven, intelligent grid of the future, and we look forward to working closely with them alongside our utility partners.”
Evergy Ventures, also an investor in EIP’s venture fund, has joined Innowatts’ current funders – Shell, Iberdrola, and EEI – in this latest round. All stakeholders see the company as critical to delivering the next generation of energy services.
“Innowatts’ bottom-up forecasting models enable utilities to efficiently manage the grid with more precision in order to reliably provide power and keep costs low for customers,” said Brock Smith, managing director at Evergy Ventures,
Geert van de Wouw, vice president of Shell Ventures, added: “Utilities have the opportunity to deliver more value to customers, at lower cost and with greater personalisation than ever before, while helping streamline the complex energy marketplace. The predictive customer intelligence and digital solutions provided by Innowatts’ eUtility platform is central to executing that vision.”