Company will use funding to construct on its profitable software program platform and meet buyer demand
BOSTON–(BUSINESS WIRE)–August 26, 2020–
Raptor Maps, a photo voltaic software program firm, introduced that it has raised a $5 million Series A, co-led by Blue Bear Capital, Data Point Capital, and Buoyant Ventures. Other contributors embrace notable clear vitality traders Congruent Ventures, Powerhouse Ventures, and the Massachusetts Clean Energy Center, together with Y Combinator.
Raptor Maps solves main rising pains for photo voltaic venture finance, improvement, and asset administration throughout an trade experiencing a 49% annual development fee over the previous decade. The present strategy to creating and working photo voltaic farms is more and more untenable, leading to demand for software program and standardization of required processes and documentation.
“Our mission is to build software that enables the solar industry to scale,” explains Raptor Maps co-founder and CEO Nikhil Vadhavkar. “We are on track to be the system of record, and we already serve as the source of truth that our customers rely on for collaborative decision-making. The diversity of our investor base, including those that have experienced these pains firsthand, underscores that we cannot afford to take a reactive approach in the climate fight.”
To date, Raptor Maps has improved the venture finance and asset administration of over 25 GW in 35 international locations. Its numerous and rising buyer base contains world utility Enel Green Power, asset proprietor Greenbacker Renewable Energy, development firm McCarthy Building Companies, operations and upkeep (O&M) suppliers QE Solar and SOLV, and a number of other publicly traded photo voltaic panel producers.
“People think of solar as being just panels and wires,” says Ernst Sack of Blue Bear Capital, an investor specialised in vitality, infrastructure, and local weather options. “The industry has evolved to rely on a tremendously rich and complicated supply chain, with dozens of operations and hundreds of counterparties involved in any given plant-just as one would expect for other energy and infrastructure asset of this scale. Raptor Maps is building the digital operating system to coordinate and manage all of this activity for maximum productivity, efficiency, and safety.”
Raptor Maps attests that its deliverables are ten-fold extra correct, human and machine readable, and decrease price than conventional strategies. The firm has constructed a powerful popularity for its software program and aerial intelligence, and it’ll deploy this funding to construct extra capabilities into its state-of-the-art photo voltaic knowledge mannequin.
“Raptor Maps is leading the charge to digitize the solar industry, resulting in both immediate and long-term benefit,” explains Daniel Hullah of Buoyant Ventures, a fund that invests in early stage, digital options that tackle local weather threat. “The company makes solar power more valuable and accelerates the transition to clean energy.”
Several of Raptor Maps’ prospects, equivalent to Madison Energy Investments, require photo voltaic development corporations to make use of Raptor Maps at commissioning, and the O&M groups to make use of Raptor Maps yearly. Other prospects, equivalent to photo voltaic panel producers, direct asset house owners to make use of Raptor Maps to create documentation for guarantee claims.
“We’re thrilled to be investing behind the Raptor Maps founders and team,” says Mike Majors, Managing Partner at Data Point Capital. “Their deep experience in building cutting-edge software has positioned the company as the leader in the multi-billion dollar solar lifecycle management space.”
Raptor Maps, Inc.