Innowatts Closes Series B Funding Led by Energy Impact Partners
Energy Impact Partners and Evergy Ventures Join Shell Ventures, Iberdrola, and EEI to Expand Innowatts Eutility™ Offering Across the Global Energy and Utilities Sector
Innowatts, a leading AI-enabled retail energy technology platform, announced it has closed its Series B funding round, led by Energy Impact Partners (EIP). Innowatts’ current funders – Shell Ventures, Iberdrola and Energy and Environment Investment (EEI Japan) – are joined by new investor Evergy Ventures in this funding round.
The syndicate is making an $18.2-million investment, which will enable Innowatts to extend application of its eUtilityTM platform, helping regulated utilities, retail energy providers, and smart grid operators increase the value of digitalization within their businesses, lowering energy costs and delivering a more personalized energy experience.
Utilities and retail energy providers are increasingly challenged to develop more personalized, cost-effective, risk-mitigating, end-user solutions that address impacts of decarbonization, digitalization and decentralization of energy. Innowatts’ eUtility™ platform provides a practical, cloud-based solution to solve that challenge, synthesizing and analyzing utility consumption data to deliver predictive insights and AI (Artificial Intelligence) 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.”
Innowatts’ eUtility™ platform has been deployed by a broad range of companies and new players in the emerging energy ecosystem. The eUtility™ platform currently processes meter data from more than 21 million customers globally and across 13 regional energy markets, representing 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 decarbonized, digitized, and electrified future – solutions that our utility partners can commercialize at scale and have the greatest impact,” commented Michael Donnelly, Partner and 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 solutions. Brock Smith, Managing Director at Evergy Ventures, stated, “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.”
“Utilities have the opportunity to deliver more value to customers, at lower costs and with greater personalization than ever before, while helping streamline the complex energy marketplace,” said Geert van de Wouw, Vice President Shell Ventures. “The predictive customer intelligence and digital solutions provided by Innowatts’ eUtility™ platform is central to executing that vision.”