Vienna-based Raicoon, which runs a software platform for solar energy systems, has raised EUR 4 million (USD 4.23 m) in a seed round aimed at securing capital to expand its footprint, product offering and team.
Raicoon offers software dedicated to error detection and autonomous operations. It uses artificial intelligence (AI) and machine learning to optimise renewable energy systems and avoid energy waste.
The company claims that its solution can increase the power output of already existing systems by about 6% while reducing operational expenditure (OPEX) by 30-50%. It has so far recovered more than 133 million kWh of energy with over 2,000 systems under contract.
The financing round was supported by tech and impact funds PUSH VC and Voltares, as well as an unnamed private family office.
The start-up intends to use the fresh funds for software updates, a new self-service portal, hiring more staff, and strengthening its geographic presence with a new entity in the US and a new subsidiary in the APAC region.
(EUR 1 = USD 1.058)