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As electricity demand skyrockets and clean generation sources interconnect in unprecedented volumes, it has become increasingly important to squeeze the most out of the assets we have available.
That’s right in the wheelhouse of solar asset management software company Raptor Maps, which announced Tuesday an oversubscribed Series C financing round resulting in a $35 million growth investment led by Toronto-based firm Maverix Private Equity. Existing investors MKB, Blue Bear Capital, Congruent Ventures, Buoyant Ventures, and Y Combinator also participated.
As previously highlighted on Renewable Energy World, Raptor Maps tracks the increasing underperformance of solar assets, which the company asserts resulted in $4.6 billion in global revenue loss last year. Its Global Solar Report draws on data from 125 gigawatts (GW) of PV systems from thousands of solar sites.
Its solar management platform, Raptor Solar, provides a system of record and workflows for asset owners to build, manage, and operate their solar projects. The company recently introduced Raptor Solar Sentry, which it says is an industry-first software product that orchestrates solar operations and maintenance work by people and robotics.
“It provides a fundamentally new approach for solar asset owners to manage OpEx and realize returns that were underwritten in the first place but have slipped out of reach for far too many portfolios,” explains Nikhil Vadhavkar, cofounder and CEO of Raptor Maps. “With the support of this elite investment group, we are capitalized to more fully achieve our work of making solar energy the smartest and most competitive electricity source in the economy.”
The Series C financing will accelerate Raptor Maps’ product development, including enhancements in solar automation, work management, and machine-learning insights. The company also plans to expand its team with further investments in software engineering and data science.
“We’re excited to lead this investment in Raptor Maps, which aligns with our vision of fostering smart cities and sustainable energy solutions,” added Mohit Talwar, partner at Maverix. “The platform not only enhances the efficiency of solar farm operations but also plays a critical role in advancing intelligent urban infrastructure.”
