Alectra Invests $5M in Grid4C Through Professional Services Company Util-Assist
Jan 28, 2020
Grid4C, an artificial intelligence (AI) and machine learning solutions company operating in the energy industry, has announced that Util-Assist has invested $5M USD in Grid4C. As part of the investment, Util-Assist, a wholly owned subsidiary of Alectra Energy Solutions, will resell and develop products built on Grid4C’s AI solutions.
Util-Assist joins previous investors such as ICV, Grid4C’s seed investor, and iAngels, all of which have collectively invested $12.5M USD in the company.
Ranked as the #1 Predictive Analytics Solution for Utilities by GTM Research, Grid4C is working with utilities on four continents, delivering billions of predictions for millions of smart meters every day. The company’s analytics solutions leverage AI and data science to provide utilities with granular predictions and actionable insights for their operations and customer-facing applications.
Grid4C’s SaaS solutions use smart meter and IoT data to model each meter and endpoint and predict its individual behavior. The models automatically disaggregate and predict usage for appliances behind the meter and are aggregated to deliver predictions for grid assets. By building predictions from the most granular level up, the core technology drives applications ranging from granular load forecasting and distributed energy resources optimization, to the prediction, detection, and diagnostics of faults and inefficiencies for grid assets and home appliances. The company’s solutions improve operational planning, reduce peak demand, increase energy savings, deliver new revenue streams, and increase customer engagement.
Grid4C is currently working with smart meter vendors to embed its algorithms inside smart meters, at the edge of the grid, where the data is more granular and available in real time.
This increase in investment provides the capital to extend the global reach of Grid4C’s AI solutions. It will also be used to broaden Grid4C’s AI capabilities at the grid edge, extend the current product portfolio, and deepen its unique AI capabilities as more IoT data becomes available.
