Raptor Maps, a solar lifecycle management software provider, closed $22 million in Series B funding led by Canadian private investment firm MacKinnon Bennett & Co (MKB). Other investors include the Microsoft Climate Innovation Fund, Blue Bear Capital, DNV, Buoyant Ventures, Congruent Ventures, Data Point Capital, and ENGIE New Ventures.
The funding will be used to boost its solar software platform.
The funding will also enable Raptor Maps to accelerate its hiring plans with substantial investment in product, software, and data science. The company will rapidly advance its software product roadmap with more functionality related to workflow automation, work orders, investor reporting, and insights powered by machine learning.
“Raptor Maps has some of the most intelligent and skilled experts in the solar industry, and their product roadmap represents a bold vision for how data married with productivity tools unlock value across the lifecycle of solar assets,” said Chanel Damphousse, Partner at MKB.
Raptor Maps’ insights are powered by machine learning, and their data model is created from over 50 GW of solar power across 40 countries. Their 2022 Global Solar Inspection Report finds that 2.6% of solar power is affected by anomalies.
According to Mercom’s Q1 2022 solar funding and M&A report, global VC funding for the solar sector in Q1 2022 came to $1.2 billion in 26 deals, a 45% decrease compared to $2.2 billion raised in 19 deals in Q4 2021. Year-over-year funding was 19% higher compared to Q1 2021. A total of 58 VC investors participated in Q1 2022 compared to 33 in Q4 2021.
According to Mercom Research, in August 2020, Raptor Maps raised $5million in Series A funding, co-led by Blue Bear Capital, Data Point Capital, and Buoyant Ventures. Other participants include notable clean energy investors Congruent Ventures, Powerhouse Ventures, and the Massachusetts Clean Energy Center, along with Y Combinator.