SenseHawk, a cloud-based company that purchases AI software to solve challenges in the development, construction, and operation of solar sites, has raised US$ 5.1m. The investment round was led by Alpha Wave Incubation (AWI), a US $300m venture fund, managed by Falcon Edge Capital, a global alternative asset manager, and backed by ADQ, a regional holding company based in Abu Dhabi.
Existing investor SAIF Partners also participated with a follow-on investment. “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 being a long-term partner to the startups they invest in,” says Swarup Mavanoor, co-founder and CEO of SenseHawk.
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. 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 directly to field techs.
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 600 GW to 3,000 GW 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.