[Funding Alert] Solar SaaS startup SenseHawk raises $5.1M in Series A round led by Alpha Wave Incubation
SenseHawk, a SaaS startup that helps customers develop, build, and operate solar and other infrastructure sites with insights, has raised $5.1 million in Series A funding. The investment round was led by Alpha Wave Incubation (AWI), a $300 million venture fund managed by Falcon Edge Capital, a leading global alternative asset manager, and backed by ADQ. 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,” said Swarup Mavanoor, CEO and Co-founder of SenseHawk.
SenseHawk’s cloud-based platform modules enable solar companies to reduce costs, enhance workforce productivity, and improve solar site performance by leveraging sophisticated AI and machine learning models.
“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.
The SenseHawk platform is used by over 80 customers to analyse over 28 GW of solar assets in 15 countries. The company is focused on expanding its offerings and customer base as the world increasingly moves towards renewable energy.
It is also helping companies in road infrastructure, power transmission, and construction industries.
The application modules on the SenseHawk platform support site and terrain management, construction monitoring, operations, thermography, work management, and file organisation.
A mobile app brings data to field techs so they have all the information to support onsite navigation and enables users to navigate to allocated tasks on sites, which can be thousands of acres in size.
The platform can be used by a developer, EPC, O&M contractor, asset owner, independent engineer or anyone else who works on a solar project.
The company will expand to Abu Dhabi and use the UAE as a global base for international expansion, while also targeting the Gulf Cooperation Council (GCC) countries, the Middle East and North Africa (MENA), and other global markets. It plans to hire a team of data scientists, product managers and engineers located in Abu Dhabi.
“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,” said Anirudh Singh, Managing Director at Alpha Wave Incubation.
Global installed solar capacity is expected to increase from the current installed base of 600 GW to 3,000 GW worldwide in 2030.