TEL AVIV, Israel, Nov. 6, 2018 /PRNewswire/ -- Raycatch Ltd., a provider of AI technology that enhances existing solar plant energy yield, announced today that it secured a series B round of financing led by DSM Venturing, the venturing arm of Royal DSM, a global science-based company active in nutrition, health and sustainable living, and BayWa r.e. Energy Ventures, a leading global player in the development, trade, wholesale and retail of renewable energy. 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 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," said Haggai Hofland, CEO and Founder of Raycatch.
"Raycatch is a great addition to our portfolio with its unique technology capabilities and breakthrough approach for managing solar assets," said Pieter Wolters, Managing Director at DSM Venturing. "We are excited to enable a partnership with Raycatch to leverage innovative analytical tools to advance DSM Advanced Solar's leading materials position."
Raycatch is an innovative start-up that uses cutting-edge AI technology to enhance existing solar plant energy yield – and reduce operational costs. Raycatch's SaaS AI solution provides remote automatic detection and performance mapping for Solar PV (photovoltaic) projects of all sizes and designations (commercial, industrial, utilities). Raycatch uses AI and Big Data to apply accurate diagnostics to the complex, noisy, high-volume data that characterizes solar projects. By analyzing production data, Raycatch provides applicable insights and action items that help plant owners and operators extract more energy from their existing infrastructures – and benefit from larger profit margins. For more information, please visit: www.raycatch.com
Royal DSM is a purpose-led global science-based company in Nutrition, Health and Sustainable Living. DSM is driving economic prosperity, environmental progress and social advances to create sustainable value for all stakeholders. DSM delivers innovative business solutions for human nutrition, animal nutrition, personal care and aroma, medical devices, green products and applications, and new mobility and connectivity. DSM and its associated companies deliver annual net sales of about €10 billion with approximately 23,000 employees. The company is listed on Euronext Amsterdam. More information can be found at www.dsm.com.
About BayWa r.e.
As a full subsidiary of the €16 billion BayWa Group , BayWa r.e. renewable energy GmbH groups together the activities of the solar energy, wind energy, bioenergy and geothermal energy business units. With headquarters in Munich, BayWa r.e. is active worldwide. As a full-service partner with more than 1,500 employees and over 25 years of market experience, BayWa r.e. delivers energy solutions, develops, implements and manages projects in the area of renewable energies and has brought 2 GW of energy online, while managing 5 GW of assets. BayWa r.e Energy Ventures is the exit-driven corporate venture capital unit of the group and is based in Munich, Germany. For more information, please visit www.baywa-re.com.
SOURCE Raycatch Ltd