TOKYO, LONDON and SYDNEY, Sept. 3, 2020 /PRNewswire/ -- SenseHawk, a SaaS platform that helps customers develop, build and operate solar and other infrastructure sites through superior insights, announced today that it has raised $5.1 million in Series A1 funding. The investment round was led by Alpha Wave Incubation (AWI), a $300m venture fund, managed by Falcon Edge Capital, a leading global alternative asset manager, and backed by ADQ, one of the largest regional holding companies based in Abu Dhabi. Existing investor SAIF Partners also participated with a follow-on investment.
SenseHawk's cloud-based platform and application modules solve several challenges in the development, construction and operation of solar sites. Its application modules enable solar companies to reduce costs, enhance workforce productivity and improve solar site performance leveraging sophisticated AI and machine learning models.
The platform is used by over 80 customers to analyze over 28 GW of solar assets in 15 countries and the company is focused on expanding its offerings and customer base as the world increasingly moves to renewable energy. Global installed solar capacity is expected to increase from the current installed base of 600GW to 3,000 GW worldwide in 2030. Moreover, it is already expanding its market by serving customers in road infrastructure, power transmission and construction industries, and deepening its suite of offerings beyond solar.
Application modules on the platform support site and terrain management, construction monitoring, operations, thermography, work management and file organization. A mobile app extends the power of the platform and brings data to field techs with all the information at their fingertips.
Furthermore, SenseHawk will expand its presence to Abu Dhabi and use UAE as a global base for international expansion while also targeting the Gulf Cooperation Council (GCC) countries, MENA and other global markets. It will also build a world-class team of data scientists, product managers and engineers located in Abu Dhabi.
"The investment through Alpha Wave Incubation provides strategic access to the MENA market in addition to powering the ongoing development of our software platform. The follow-on investment by SAIF Partners is a validation of our direction and reaffirms their commitment to be a long-term partner to the startups they invest in," said Swarup Mavanoor, CEO and co-founder of SenseHawk. "Solar construction is on a fast trajectory and this new funding enables us to continue to support designers, builders and operators of this critical form of renewable energy."
"SenseHawk has sophisticated technology, strong global traction and a leadership team with deep experience in the solar industry. We are excited to back an industry-leading AI-first SaaS company which brings about step-function increases in performance, productivity and cost efficiencies for their customers. Its platform offers immense application to the UAE and the GCC's already large and burgeoning renewable energy sector," said Anirudh Singh, managing director at Alpha Wave Incubation.
"Over the last two years, we have seen SenseHawk build a best-in-class platform to serve the entire solar lifecycle," said Mayank Khanduja, managing director, SAIF Partners. "Their marquee global customers are a testament to the power of the platform. We are excited to reaffirm our commitment to SenseHawk in this round."
"The SenseHawk platform uses a microservices architecture that enables us to easily build and integrate tools that can serve both technical and business processes in the solar industry," said Saideep Talari, CTO of SenseHawk.
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