Raptor Maps, a solar lifecycle management software provider, secured $35 Million in an oversubscribed Series C funding round led by Maverix Private Equity, with participation from existing investors MKB, Blue Bear Capital, Congruent Ventures, Buoyant Ventures, and Y Combinator.
Raptor Maps uses drone-based aerial thermography of solar sites and delivers the results of those inspections through a map-based digital twin to solar owners and operators. The company’s solar management platform, Raptor Solar, provides a system of record and workflows for asset owners to build, manage, and operate their solar sites.
The company states it has partnered with many solar companies globally to manage, operate, and scale their solar assets.
The Series C financing will facilitate Raptor Maps’ product development, including enhancements in solar automation, work management, and machine-learning insights. Additionally, the company plans to expand its team with further software engineering and data science investments.
“Many leaders in solar have heard of Raptor Maps, and supercharging our product with Raptor Solar Sentry has been a leap forward for customers. It provides a fundamentally new approach for solar asset owners to manage OpEx and realize returns that were underwritten in the first place but have slipped out of reach for far too many portfolios. With the support of this elite investment group, we are capitalized to more fully achieve our work of making solar energy the smartest and most competitive electricity source in the economy.” said Nikhil Vadhavkar, Co-Founder and CEO of Raptor Maps.
In 2022, The company raised $22 million in Series B funding led by Canadian private investment firm MacKinnon Bennett & Co (MKB) to boost its solar software platform.
According to Mercom’s 9M and Q3 2024 Solar Funding and M&A report, in 9M 2024, VC funding activity decreased 39% year-over-year, with $3.5 billion raised in 39 deals compared to the $5.7 billion raised in 51 deals in 9M 2023.
