Raycatch, a provider of artificial intelligence (AI) technology for solar plants, has secured new investment through a series B round led by DSM Venturing, the venturing arm of Royal DSM, and BayWa r.e. Energy Ventures
Joining the round are Rio Ventures and existing shareholders Maverick ventures Israel.
Raycatch automates decision-making processes associated with photovoltaic PV solar asset ownership and management.
While PV costs have significantly declined over recent years, revenue optimization methods for solar plants have lagged behind. Raycatch has developed a platform that uses AI methodologies to provide solar plant owners with precise actionable insights to increase energy yield, reduce capital expenditures and maximize asset’s profitability.
Raycatch CEO and founder Haggai Hofland said: “Raycatch is thrilled to add DSM Venturing and BayWa r.e. as strategic partners.
“With partners like DSM, a leader in advanced materials that improve solar PV panel efficiency, and BayWa r.e. one of the world’s largest PV owners and operators, Raycatch will be poised to enhance its analysis capabilities and reach new heights. DSM and BayWa’s goal of optimizing solar assets is completely aligned with Raycatch’s vision of maximizing the yield from every ray of sun.”
DSM Venturing managing director Pieter Wolters said: “Raycatch is a great addition to our portfolio with its unique technology capabilities and breakthrough approach for managing solar assets.
“We are excited to enable a partnership with Raycatch to leverage innovative analytical tools to advance DSM Advanced Solar’s leading materials position.”
Source: Company Press Release