CIBC Innovation Banking Provides $18 Million Growth Financing to Bidgely

Financing will fuel company’s continued expansion into the burgeoning electric vehicle and grid modernization markets

CIBC Innovation Banking announced that it has increased its growth financing commitment to Bidgely, a leading provider of artificial intelligence (AI) powered energy intelligence solutions for energy providers worldwide. The additional financing commitment will strengthen Bidgely’s ability to support critical utility initiatives, particularly as the proliferation of electric vehicles (EV) and global decarbonization goals redefine the energy market.

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“Layering on AI to customer data is an incredibly powerful tool for empowering utilities to build modern electric grids that are resilient and reliable, while also encouraging consumers to reduce their carbon footprint”

Bidgely’s UtilityAI™ analyzes smart meter data to provide appliance-level insights into daily energy consumption without requiring any intrusive monitoring hardware, giving utilities comprehensive insights into customers’ usage patterns and anticipated grid loads.

By empowering utilities with data-driven insights, Bidgely enables utility companies to achieve strategic goals such as accurate grid planning and load forecasting, together with the ability to better manage the influx of EVs on their grid through enhanced customer engagement, optimized time of use, load shifting, and managed charging.

“Layering on AI to customer data is an incredibly powerful tool for empowering utilities to build modern electric grids that are resilient and reliable, while also encouraging consumers to reduce their carbon footprint,” said Abhay Gupta, CEO of Bidgely. “This commitment from CIBC Innovation Banking will fuel our ability to continue innovating solutions that support the evolving needs of our utility partners.”

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“Utilities around the world rely on Bidgely’s artificial intelligence-powered energy solution to guide their clients to smart energy decisions,” said Amy Olah, Managing Director, CIBC Innovation Banking. “Our continued support speaks to Bidgely’s success and our commitment to back innovative software companies across North America throughout their growth journey.”

CIBC Innovation Banking’s financing commitment comes on the heels of Bidgely’s significant progress in its comprehensive EV Management solution for Investor-Owned Utilities, Cooperatives and Municipalities.

CIBC Innovation Banking delivers strategic advice, cash management and funding to innovation companies across North America, the UK, and select European countries at each stage of their business cycle, from start up to IPO and beyond. With offices in Atlanta, Austin, Boston, Chicago, Denver, Durham, London, Menlo Park, Montreal, New York, Reston, Seattle, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC’s commercial banking, private banking, wealth management and capital markets businesses.

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