RatedPower, a Spanish technology company that pioneered software to optimize solar plant development, said it closed a $6 million financing round led by Seaya Ventures, a European venture capital fund and lead investor in unicorns such as Glovo, Wallbox and Cabify, and with participation of U.S. investors.
The investment will be used to drive the company’s international growth with a particular focus on the United States, accelerate the development of new products and functionalities, and “fulfill its mission to become the software and technology ecosystem” for renewables.
RatedPower was founded in 2017 by Andrea Barber, Miguel Angel Torrero, and Juan Romero after identifying the need for a tool that would transform the design and configuration of solar plants into a more automatic, agile, and efficient process. Its pvDesign software identifies the best plant configuration and generates detailed documentation rapidly and automatically.
Andrea Barber told pv magazine Spain that the company currently has customers on five continents. She said the U.S. is “the mecca” of software as a service (SaaS). She said the company will also use the investment to consolidate growth in Europe, with Spain as a spearhead, and strengthen its operations in Latin America and Asia-Pacific.
The new version of pvDesign that RatedPower launched in June calculates the CAPEX and LCOE of PV projects on the fly. The calculation tool is designed to allow customers to define and customize the price databases to get a faster quotation. This, together with an algorithmic model to obtain the estimated energy production of the plant, is intended to make the software a “solid tool for calculating the profitability of photovoltaic plants.”
In the last 12 months, RatedPower has attracted more than 1,300 users on pvDesign – a 150% increase in the use of the platform. The company said its users include Iberdrola, Engie, BayWa, AES, Clenera, Sungrow, Burns & McDonnell, Celsia, Shell, Samsung, and National Grid Renewables.
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