PVcase, a Vilnius, Lithuania-based company that provides solar project design software, announced a joint investment of $100 million, bringing its total funding to over $123 million.
Highland Europe, Energize, and existing investor Elephant participated in the funding round.
"Data risk is a technical problem that has become an industry-wide constraint," said PVcase CEO David Trainavicius. "We plan to use this investment to drive more cost and time savings by offering a one-stop solar design platform."
The solar engineering industry lacks the digitization required to keep up with the growing demand for solar projects, despite significant investments in the solar market. PVcase aims to address this issue by providing a solar design solution that makes project design faster, more efficient, and precise while tackling the problem of "data risk" in the solar industry.
PVcase aims to provide a single platform that covers every step of the design and operations process, mitigating data risk. PVcase has primarily relied on its revenue stream for operations and expansion into 75 countries, allowing it to build a significant cash reserve for future acquisitions.
Company: PVCASE UAB
Funding Month: July 2023
Additional Investors: Highland Europe, Energize, and Elephant
Company Website: https://pvcase.com/
Software Category: Solar Project Design Software
About the Company: Founded in 2018, PVcase (PhotoVoltaic Computer Aided Solar Engineering) is a next-generation PV software-as-a-service company. The company's plugin software utilizes proprietary algorithms for analyzing terrain topography and automates 3D terrain-based solar engineering, enabling designers to perform several simulations while evaluating the peculiarities of the terrain and selecting the optimum place and configuration of a solar power plant. Driven by world-class engineering and a cutting-edge development team, PVcase is helping power the energy transition by making solar project design faster, more efficient, and more precise.