REDWOOD CITY — AutoGrid, a developer of flexibility management software for the energy industry, announced today that it has closed on a new equity investment from Shell Ventures LLC, the venture arm of oil company Royal Dutch Shell.
This funding comes as an extension to the Series D investment round announced in September from a consortium of energy companies that includes CLP Group, innogy, National Grid, Ørsted, Tenaska, Energy Impact Partners, Envision Ventures and Total Energy Ventures.
This investment will further accelerate AutoGrid’s deployment of AutoGrid’s Energy Internet PlatformTM and AutoGrid FlexTM for artificial intelligence (AI)-driven predictive controlsTM of connected, distributed and flexible energy assets in real time and at scale.
“AutoGrid has pioneered the science of flexibility management that enables energy providers to mine and extract data to balance supply and demand in real time,” said Geert van de Wouw, VP Shell Ventures. “We are pleased to join AutoGrid’s investment round and looking forward to gaining insights on how to increase productivity and value across distributed energy assets.”
“We’re proud to have one of the leading global energy companies committed to the transition towards a low-carbon future as an investor and partner,” said Dr. Amit Narayan, AutoGrid chief executive officer. “With the support of investors such as Shell, we’re significantly advancing our mission to transform the global new energy system.”
Shell Ventures co-invests with other corporate investors and venture capital funds in both early stage and late stage (growth capital) companies, generally investing $2 million to $25 million over the life cycle of the deal.