Grid management systems manufacturer Utilidata obtained $20 million in financing to improve its grid monitoring technology and expand in markets in Asia, the Middle East and North America, Bloomberg reported.
The Series B funding was made by a number of investors, including Formation 8 Partners, Saudi Aramco Energy Ventures and American Electric Power. Scott DePasquale, chairman and CEO of Rhode Island-based Utilidata, said the company is excited to partner with new investors Formation 8 and Saudi Aramco, which operates in Saudi Arabia - a country that is one of the largest consumers of electricity in the world. Investors said Utilidata's power management systems help lower energy costs between 3 percent to 5 percent.
The funding will go toward advances in product development as well as increased voltage optimization and systems management.
"The really valuable part is that now we can tell the utility a real-time status of the grid, and they're able to make better decisions," Formation 8 Founder Jim Kim, who will be part of Utilidata's board of directors, told Bloomberg. "If you want the 5 percent savings, you can just install it."