Utilidata Gets $20 Million to Expand Grid-Optimization SystemsJustin Doom
Utilidata Inc., a Providence, Rhode Island-based maker of grid-management systems, received $20 million in Series B funding to expand in three regions.
Utilidata is seeking to increase sales in North America, Asia and the Middle East, according to an e-mailed statement. Formation 8 Partners and Saudi Aramco Energy Ventures LLC led the funding round, joining existing investors Braemar Energy Ventures and American Electric Power Co.
Utilidata’s automated power-management systems reduce energy costs by 3 percent to 5 percent, and analyze voltage, often at substations, to provide real-time data to grid operators, Jim Kim, a Formation 8 founder who’s joining Utilidata’s board, said today in an interview.
“The really valuable part is that now we can tell the utility a real-time status of the grid, and they’re able to make better decisions,” Kim said. “If you want the 5 percent savings, you can just install it.”