Utilidata Raises $26.75M in Funding
- Utilidata, a Providence, RI-based grid-edge software company, secured $26.75m in funding
- The round was led by Louis Bacon’s Moore Strategic Ventures (MSV), with participation from the Microsoft Climate Innovation Fund and NVIDIA, as well as existing investors
- The company intends to use the funds to expand operations and its business reach
- The company is working with NVIDIA to develop a smart grid chip that can be embedded in smart meters and other grid-edge devices
- The smart grid chip will serve as the platform for managing real-time, autonomous, and decentralized grid operations
- The U.S. Department of Energy’s National Renewable Energy Laboratory will be among the first to test the smart grid chip
