Foley Advises Utilidata on $26.75M Series B Funding Round

17 February 2022 Media Contact: Jen Dilworth News

Foley & Lardner LLP acted as legal counsel to Utilidata, an industry leading grid-edge software company, in its $26.75 million Series B funding round led by Louis Bacon’s Moore Strategic Ventures (MSV) with significant investments from the Microsoft Climate Innovation Fund and NVIDIA. Existing investors, including Keyframe Capital, Braemar Energy Ventures, and MUUS Asset Management, also participated in this round.

The new funding will support the development and deployment of an advanced software platform that provides real-time visibility into the power grid system and has the potential to radically transform the electric distribution system. The platform leverages real-time data and machine learning to enhance grid resiliency, integrate distributed energy resources (DERs) – including solar, storage, and electric vehicles (EVs) – and accelerate the transition to a decarbonized grid.

This round follows an $8.25 million raise that closed in June 2020, which enabled Utilidata to accelerate the development of its metered-based software solutions.

Based in Providence, Rhode Island, Utilidata is digitizing the grid edge to unleash the full potential of clean energy. With over a decade of experience deploying software that optimizes the electric distribution grid for major utilities, Utilidata is committed to decarbonizing energy systems and transforming how distribution utilities operate. The company’s patented real-time machine learning software leverages data from every point on the distribution grid to enhance visibility, optimize operations, detect anomalies, and integrate distributed energy resources.

The Foley team was led by Partner David Kantaros, with significant contributions from Special Counsel Michael Callahan and Associates Paige Moscow and Laura Burlot.

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