News Summary
Utilidata, based in Providence, Rhode Island, has raised $60.3 million in a Series C funding round to enhance its AI-driven energy solutions. The funding, led by Renown Capital Partners and supported by NVIDIA and Quanta Services, will accelerate the scaling of its Karman platform. This innovative technology aims to improve energy infrastructure efficiency and resilience by utilizing advanced AI capabilities, particularly for the increasing demand in power sourced from data centers. The company’s partnerships with industry leaders further solidify its position in the energy technology field.
Providence, Rhode Island — Utilidata, a software company based in Providence, Rhode Island, has successfully raised $60.3 million in a Series C funding round to enhance its AI-driven energy solutions. This significant capital infusion will accelerate the company’s efforts in scaling its Karman platform, a distributed AI technology developed in partnership with tech giant NVIDIA.
The funding round saw leadership from Renown Capital Partners and included contributions from other notable entities such as Quanta Services, NVIDIA, and existing investor Keyframe Capital. Citigroup acted as the sole placement agent for this investment transaction. This financial backing positions Utilidata to further develop its innovative solutions aimed at improving the efficiency and resilience of energy infrastructure.
The Karman platform, which can be embedded within any energy-connected device, leverages NVIDIA’s accelerated computing capabilities. This technology is designed to provide up to 100 times the processing power compared to traditional meter-based solutions, thereby enhancing system visibility and operational responsiveness for utilities. The platform connects millions of endpoints, including meters, electric vehicle chargers, and solar panels, with the aim of monitoring and responding to real-time energy conditions.
Utilidata’s CEO, Josh Brumberger, emphasized the shifts in electricity demand, noting the transition from a landscape of plentiful and predictable energy resources to one characterized by scarcity and unpredictability. This changing environment necessitates advanced technological solutions, which Karman seeks to address by automating energy load forecasting and monitoring.
The demand for power, particularly from data centers, is increasing rapidly, with projections indicating a growth of 160% by the year 2030. This escalating utility demand further underscores the need for robust technologies like Karman that can adapt and respond to dynamic energy conditions.
Utilidata’s advancements are set to enhance utilities’ decision-making capabilities by enabling real-time command of grid assets. The Karman platform is currently available for purchase through Advantech, a recognized leader in IoT intelligent systems. Furthermore, Hubell Incorporated has partnered with Utilidata to integrate Karman technology into smart meters specifically designed for use by electric utilities.
In addition to these collaborations, Utilidata has also partnered with firms such as Deloitte and Quanta Services to scale AI infrastructure, enhancing the modern energy grid’s efficiency and operational capabilities. These initiatives are part of Utilidata’s strategic vision to lead the energy technology field with cutting-edge solutions.
This latest funding follows Utilidata’s previous fundraising efforts, which included a successful Series B round that raised $26.75 million in 2022. With the increase in financial support and strategic partnerships, Utilidata appears well-positioned to redefine energy management through AI-driven solutions.
As the energy landscape continues to evolve, Utilidata is poised to play a critical role in supporting utilities and enhancing the resilience and efficiency of energy systems across the nation.
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