The round was led by German energy company EWE AG and Polish fund SpeedUp Energy Innovation, powered by PGE Ventures.
Solytic plans to use the funds for further product development and creating AI-based care technology for PV installations. The company plans to start operations in Poland and Western Europe and is looking for partners among companies installing and operating PV installations.
Since 2017, Solytic has been operating in the German PV market and aims to increase the efficiency of PV installations, which would lead to more clean energy produced. The cleantech startup bases its software on AI, which is used to build a digital twin of the installation.
“We are currently focusing on developing our analytical model for the automatic performance assessment of installations. We already monitor close to 200,000 independent distributed PV installations, which translates into a huge database of more than 50 TB delivered in real-time to the analytics system,” says Johannes Burgard, co-founder, and CEO, at Solytic. The company is currently working with major companies such as Kostal and Vaillant.
According to Mercom’s Q4 2021 solar funding and M&A report, global VC funding in the solar sector in 2021 jumped to $4.5 billion in 58 deals, a 281% increase compared to the $1.2 billion raised in 41 deals in 2020. This is the highest amount of VC funding for the solar sector since 2010.
In March 2021, Aurora Solar, a U.S.-based provider of cloud-based solar projects design and proposal software solutions, raised $200 million in a Series D funding round co-led by existing investors Coatue and Energize Ventures with participation from Fifth Wall, ICONIQ, and new investors, Lux Capital, and Emerson Collective.
Earlier this week, Australia-based Sun Cable, a solar energy infrastructure network developer, has raised A$210 million (~$153 million) in a Series B funding round. Grok Ventures and Squadron Energy (a wholly-owned subsidiary of Tattarang) co-led the financing round. The company plans to use the new funds to develop the Australia-Asia PowerLink (AAPowerLink) project and accelerate its multi-gigawatt generation and transmission projects.