Innowatts, an energy analytics with a remit to digitally transform the utility industry, has announced raising $6m in Series A funding from a consortium of three global investors with deep ties to the energy sector and emerging technology.

Shell Technology Ventures, the venture capital arm of Royal Dutch Shell, · Iberdrola Ventures – PERSEO and  Energy & Environment Investment Inc., the leading energy venture capitalist in Japan are all on board in the funding drive.
The capital raised will be used to drive product innovation across Innowatts energy analytics and digital e-Utility™ solution suite. 

“We are proud to be represented by such strong names in the global energy sector, each of whom play a strategic role in our vision of creating a smarter and leaner energy value chain. This partnership not just validates the applicability of our solution across different markets of the world but also reinforces the underlying need to translate energy intelligence into actionable and personalized products and services for energy consumers,” said Siddhartha Sachdeva, Innowatts CEO.

Innowatts began commercial operations in 2014 as a provider of advanced energy analytics for energy providers and consumers, combining AMI enabled customer intelligence with its machine learning and predictive analytics to help reduce cost and personalize the energy experience. 

The company then extended that capability to include a range of scalable “plug and play” solutions that have helped transform many conventional utility functions including energy procurement, pricing and rates, customer acquisition/switching, energy efficiency, grid optimization and customer engagement. 

Today, the Innowatts solution suite analyzes data from over 12 million consumers across both regulated and competitive energy markets, providing actionable intelligence to help energy providers and consumers transform their parts of the energy value chain.

Earlier this year, Innowatts announced the launch of its e-Utility™ solution suite which brought together many of its existing capabilities and solutions into a complete and fully integrated Retail Energy Platform to help current and future energy providers transform the way they manage their business and service customers. 

“During the last few years, we have invested heavily in technology and innovation as pillars of our digitization strategy and Iberdrola’s digital plan for 2020 is aimed at boosting the turnover thanks to an investment of €3,100m. The investment in Innowatts, through our corporate VC arm will help us leverage data analytics and machine learning to transform the way energy is bought, sold, managed and consumed,” said Diego Díaz, Head of Iberdrola’s CVC