PVcase, a Lithuanian company specialising in solar project design software, has raised USD 100 million (EUR 89m) in a Series B funding round, led by Highland Europe, Energize and existing investor Elephant.
The company, whose name stands for PhotoVoltaic Computer Aided Solar Engineering, said on Tuesday that the investment brings its total funding to over USD 123 million.
PVcase aims to make solar project design faster and more efficient, while addressing the solar industry’s growing problem of “data risk.” Data risk arises due to various factors, including the use of multiple software platforms with varying data formats, resulting in time-consuming and customised transfers that impair data quality.
“Data risk is a technical problem that has become an industry-wide constraint,” said PVcase chief executive David Trainavicius. “We plan to use this investment to drive more cost and time savings by offering a one-stop solar design platform,” added Trainavicius.
The investment follows the company’s recent acquisition of solar siting specialist Anderson Optimization. The data fields of the two platforms have already been matched, PVcase said. The company expects its offering to allow European developers to cut their project design process from weeks to around 20 minutes.
“The utility-scale solar industry is poised for explosive global growth in the coming years, yet it currently lacks the digital tools needed to meet the demand of the market,” John Tough, managing partner of Energize Ventures said, while emphasising the importance of software solutions that can automate solar workflows and improve data integrity.
(USD 1 = EUR 0.893)
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