An Austin-based solar software platform, Bodhi secured $4 million in a new financing round led by Clean Energy Ventures, a venture capital firm funding early-stage climate tech innovation.
The company plans to use the fresh funds to expand its team across engineering, sales and marketing, and operations while accelerating its product development roadmap.
Bodhi says solar installers can integrate their CRMs and other operational tools into the company’s solar platform to create engaging customer experiences and automate communications, tracking design and installation, and post-commissioning performance and cost savings.
With this new approach, Bodhi has improved operations and sales upwards of 50% for its customers, including SunCommon and A.M. Sun Solar, while helping homeowners save over $3 million in utility bills and offset 36,000 tons of CO2 every year.
“Predominantly, climate solutions have always been focused on the engineering and technology while the relationship between the technology and the people that use it remain orphaned,” says Scott Nguyen, Co-founder, and CEO of Bodhi.
With new funds, Bodhi plans to offer expanded products and services for their customers through a wide range of channel partners to offer to homeowners beyond just solar. “Over the decades, hard costs facing the solar industry have dropped tremendously, but what we’ve noticed is that customers are still hesitant about making the leap to solar,” said Daniel Goldman, Co-Founder and Managing Partner of Clean Energy Ventures.
“Our investment in Bodhi is premised on the potential to make consumer solar purchases seamless, hassle-free, and end-to-end. Bodhi’s platform is designed to alleviate all customer pain points in the installation process and post-installation monitoring, removing the last remaining barriers to greater solar adoption,” he added.
According to Mercom’s recently published Q4 2021 solar funding and M&A report, global venture capital and private equity funding in the solar sector in 2021 came to $4.5 billion, a 281% increase compared to the $1.2 billion in 2020. Solar downstream companies accounted for 89% of VC funding in 2021.