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.
“Moving past manual inefficiencies, we’re reshaping the entire operations model with the power of autonomy – shaping a future where renewable energy operations are smarter, more efficient, and relentlessly reliable,” said Ralf Tschanun, CEO and Co-founder of raicoon.
Raicoon will use the funding to Advance its artificial intelligence and machine learning capability, develop a new self-service portal designed to democratize access to autonomous energy management, deepen its presence in the U.S. and APAC, backed by a new U.S. entity and an APAC subsidiary, and expand their team.
“We’re confident that their AI-powered approach is set to redefine renewables, and we’re thrilled to be part of this transformative journey,” commented Laurenz Simbruner, Founding Partner of PUSH VC.
Earlier this year, Terabase Energy, a digital solutions provider for solar power plants, received $25 million in a new financing round led by Fifth Wall, with participation from EDP Ventures and existing investors. This financing round will be used to support the commercial scale-up of the company’s recently launched Terafab construction automation system.
According to Mercom’s recently released 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.
UrbanVolt, a solar-as-a-service company, raised €26 million (~$28 million) from European investor Verdane, bringing the company’s total funding raised to date to €200 million (~$215 million). UrbanVolt’s Solar-as-a-Service model involves financing, installing, and maintaining solar panels for customers.