enSights, a cloud-based clean energy optimization and management software provider, secured a $10 million Series A funding round, co-led by venture capital firms JAL Ventures and XT VC, with participation from the Menomadin Foundation.
With this funding, the company plans to expand globally, including in the U.S. market, establish local headquarters, and hire a team of industry professionals, and continue strengthening its ecosystem of SaaS solutions.
“We invested in enSights because it sits at the nexus of three fast-growing trends: the expansion of solar energy, the rise of energy storage, and the AI boom,” said Tal Shaked, General Partner at JAL Ventures.
enSights offers a cloud-based, AI-driven optimization platform and battery calculator to streamline clean energy management. The platform is stated to consolidate, track, and oversee over 6,000 commercial, industrial, and utility-scale clean energy assets, per the company.
“Seeing that over 70% of PV assets do not meet their forecasted output, losing thousands of dollars every day, it was clear that the market was in dire need of a sophisticated yet simple-to-use energy optimization platform. Our extensive conversations with clean energy stakeholders reinforce that asset owners and managers are searching for a next-generation solution to help scale their portfolios, streamline operations, and address increasingly complex energy needs,” stated Alon Mashkovich, Co-Founder and CEO of enSights.
The company previously raised over $2 million in total investments from The Big Light Renewable Energy Holdings and Kahane Group, a home automation systems designer and a solar energy distributor.
According to Mercom’s 9M and Q3 2024 Funding and M&A report for Energy Storage and Smart Grid, VC funding across all Smart Grid companies in 9M 2024 totaled $1.4 billion in 43 deals, 13% higher year-over-year than the $1.2 billion raised in 37 deals in 9M 2023.
In May, Verse, a clean energy management platform, raised $20.5 million in a Series A funding round led by GV (Google Ventures) with participation from Coatue, CIV, and MCJ Collective.
