Exclusive: Ubicquia raises $106M for smart energy infrastructure

Axios Pro
By: Katie Fehrenbacher

Ubicquia, which deploys digital tech for infrastructure, raised a $106 million Series D, CEO Ian Aaron tells Axios Pro exclusively.

Why it matters: Utilities, companies and cities are looking to more closely monitor and more efficiently manage power as energy demand soars.

Zoom in: 67 Capital and Marunouchi Innovation Partners led the round for the Fort Lauderdale-based company, which was founded in 2014.

• Existing investors Hamilton Lane, ClearSky and GMS participated.
• The company plans to use the financing to grow its commercial and industrial customer base and expand internationally.
• "There's a good chance we'll grow [sales] between 80% and 100% this year," says Aaron.

How it works: Ubicquia installs wireless networking gear and sensors on energy infrastructure like street lights, transformers and utility poles.

• The company provides software to utilities, cities and companies to monitor and better manage these assets. Its AI can help make predictions and recommendations.
• "We process about 168 million datasets an hour," as of the end of last year, says Aaron.

The intrigue: The energy demand surge is causing companies to watch power use more closely.

• In areas where data centers are being built, there's growing concern from the surrounding businesses around monitoring power quality, says Aaron.

Zoom out: The power grid and city infrastructure has lacked the digital infrastructure common in other sectors.

• But energy demand growth is accelerating the adoption of digital tools for energy assets.

What's next: Ubicquia says it's starting to deploy its tech in the Middle East, in United Arab Emirates and Saudi Arabia.

Original article here: Axios