Innowatts, an automated toolkit for energy monitoring and management targeting utilities, has raised $18.2 million in a new round of funding from investors led by Energy Impact Partners.
Previous investors Shell Ventures, Iberdrola and Energy and Environment Investment participated along with another new investor, Evergy Ventures.
As utilities respond to new, renewable power coming online and adapt to the challenges presented by natural disasters and intermittent energy sources stressing old power grid assets, they are increasingly turning to new software toolkits to adapt.
Innowatts and its software fit squarely into that category of offering.
“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 chief executive of Innowatts, in a statement.
The company’s technology is used to analyze meter data from 21 million customers globally in 13 regional energy markets.
Innowatts boasts that it’s the largest body of customer intelligence data consumed by a software company. How that data will be used is an open question.
“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,” said Michael Donnelly, partner and chief risk officer at EIP, in a statement. “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.”
The company uses the data it collects to predict the potential for outages or problems created by surges in energy demand so that utilities can dispatch resources to meet that demand without sacrificing reliability 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 of Shell Ventures.