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enSights Raises $10M to Scale its AI-Powered Clean Energy Optimization Business
December 5, 2024 | PRNewswireEstimated reading time: 3 minutes
enSights, an AI-powered, cloud-based clean energy optimization and management platform company, announced today that it completed a $10 million Series A funding round, co-led by venture capital firms JAL Ventures and XT VC, with the participation of the Menomadin Foundation. The infusion of funds will support the company in expanding its global footprint, especially in the US market, by establishing local headquarters and hiring a team of industry professionals. In addition, the company will continue strengthening its ecosystem of SaaS solutions that simplify the business of energy management and optimization.
Experienced renewable energy entrepreneurs Alon Mashkovich, CEO, and Roy Fadida, CPO, co-founded enSights in 2021 with Dekel Yaacov, CTO, to develop a 360-degree, AI-powered energy optimization and management platform that scales business operations while maximizing the financial and energy performance of renewable assets. Since its inception, enSights became its local market leader in the distributed generation segment and expanded into the European market in 2022. With hundreds of active users managing more than 1.6 GWp on enSights' platform, its automation and smart workflows currently help optimize the daily operations of over 6,000 clean energy assets. Already a financially stable company, this latest capital raise ideally positions the company for sustained long-term growth.
"Seeing that over 70% of PV assets do not meet their forecasted output, losing thousands of dollars every day, it was clear that the market was in dire need of a sophisticated yet simple-to-use energy optimization platform. Our extensive conversations with clean energy stakeholders reinforce that asset owners and managers are searching for a next-generation solution to help scale their portfolios, streamline operations, and address increasingly complex energy needs," stated Alon Mashkovich, Co-Founder and CEO of enSights. "This latest investment is yet another vote of confidence that enSights has an upward trajectory in a global market that is forecasted to grow to six TWs of installed capacity by 2030."
As part of this market growth, the need for optimization and management software is also predicted to increase. According to data from IEA and NREL, the total addressable market (TAM) for clean energy optimization software continues to expand, with O&M software spending projected to increase from $40-$61B in 2023 to $67-$101B by 2027.
"We invested in enSights because it sits at the nexus of three fast-growing trends: the expansion of solar energy, the rise of energy storage, and the AI boom," said Tal Shaked, General Partner at JAL Ventures, a leading VC firm. "What stood out to us about enSights was its ability to integrate AI and data-driven analytics into a user-friendly platform that solves real-world challenges. Its modular, scalable design allows for seamless expansion, crucial in the fast-evolving energy sector. Customer feedback emphasizes how its platform transforms operations, reducing costs and boosting efficiency. The leadership's commitment to innovation, strong customer satisfaction, and global expansion plans demonstrate the long-term potential for success."
Assif Stoffman, Managing Director at XT VC, a long-standing technology investor, added, "We are excited to partner with enSights' dedicated team who has deep domain expertise and impressive execution skills. enSights' clean energy platform is uniquely positioned to become the leading all-in-one solution that enhances financial, energy, and business performance."
"This investment in enSights reflects our ongoing commitment to sustainability," says Dr. Merav Galili, CEO of the Menomadin Foundation. "We are confident that enSights' platform, which optimizes the business of renewable energy asset management, will make a positive, long-lasting impact on our planet."
enSights previously raised over $2M in total investments from The Big Light Renewable Energy Holdings, and Kahane Group, an electric, electronics, and home automation systems designer, and a leading local solar energy distributor.
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