Utilidata, a US supplier of voltage optimisation and digital automation systems for the electric utility industry, has secured more than $20m in Series B financing.
Venture capital firm Formation 8 Partners and corporate venture firm Saudi Aramco Energy Ventures led the round and were joined by existing investors Braemar Energy Ventures and American Electric Power – one of the US’ largest utilities.
The funding will allow Utilidata to bring new advances and innovation related to digital automation, voltage optimisation and systems management to market, and further expands its presence in North America, Asia and the Middle East.
As part of the deal, Formation 8 founder, Jim Kim, will join Utilidata’s board of directors.
“Utilidata sits at a unique intersection of IT data analysis and energy,” said Kim. “The company’s ability to access truly unique data about the power grid, while providing significant customer savings through automated voltage and VAR optimisation, will help utilities solve some very big challenges related to distributed generation, reliability and security. We also see a big opportunity to scale this technology in Asia, where the benefits of increased efficiency and intelligent control could reduce the cost of electricity, enabling more sustainable growth.”
In addition to securing opportunities in Asia, the company is looking forward to its partnership with Saudi Aramco, a major industrial electricity consumer with substantial in-house power distribution assets. The Kingdom of Saudi Arabia is one of the largest global users of electricity, experiencing rapid industrial and economic growth.
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