Thermal Energy Storage Startup Fourth Power Raises $19 Million

Aigen, a developer of solar-based agricultural robotic technology, secured $12 million in Series A funding from ReGen Ventures along with NEA, Cleveland Avenue, Incite, and Susquehanna Private Equity Investments. According to the company, the funding will be used to expand Aigen’s manufacturing capacity to meet high pre-order demand.

“Agriculture is the intersection of human health and planetary health and that’s why we focused on creating technology for farmers that is both profitable and sustainable. Our robotic fleet empowers farmers to escape the conventional system of chemical dependency,” said Kenny Lee, co-founder and CEO of Aigen.

Aigen is developing solar-powered autonomous robots for crop management without chemicals or fossil fuels. The Aigen Element robots combine LTE connectivity with AI, ML, solar, and battery technology. With a total of $19 million raised, Aigen is building a 7,500 sq ft manufacturing and R&D facility to manufacture their solar-powered robotic fleet.

“Aigen wouldn’t have been possible a few years ago because the technology wasn’t there. Today, we have a great team working on the cutting edge of AI, robotics, electric motors, and solar power,” said Rich Wurden, co-founder and CTO of Aigen. “Thanks to technological advances in all those areas and the incredible work of our team, we are automating farming solutions that have worked for thousands of years and helping farmers get chemicals off their farms and out of our food.”

According to Mercom’s 9M and Q3 2023 Solar Funding and M&A Report, in 9M 2023, VC funding activity rose 4% YoY, with $5.7 billion in 51 deals compared to the $5.5 billion raised in 72 deals in 9M 2022.

Recently, raicoon, a provider of AI-based solutions for autonomous solar operations, raised €4 million (~$4.2 million) in a seed funding round. Premier climate, tech, and impact funds PUSH VC, Voltares, and a private family office contributed to the strategic funding round. The company plans to use the funding to tap into new markets and enhance its product offering.