13th June 2023, New Delhi: Solarad.ai, a pioneer in energy forecasting for solar plants and battery storage, today announced the successful closure of the seed funding round led by India Quotient. This investment will fuel the company’s expansion and accelerate its growth, reinforcing the mission to deliver the world’s best energy forecasting models.
The allocated funds will be harnessed to enhance the technology infrastructure of deep-tech models and algorithms used for energy generation forecasting. The company will also focus on the expansion of the cloud infrastructure to accommodate increased demand and ensure scalability. A significant portion will be invested towards research and development to improve the accuracy and reliability of the forecasts and grow the existing customer base. The funding will also enable Solarad.ai to expand their solution offerings across Europe and US markets and build a robust team of talented professionals in areas such as data science, engineering, and business development. Furthermore, plans will be devised and implemented to develop and automate energy scheduling and trading processes to provide additional value to our customers.
” At Solarad.ai, our vision is to create a future where energy production and consumption are managed optimally, creating a more sustainable and efficient world. Currently, we are disrupting existing NWP forcasts with our revolutionary Deep-tech M.L based models. We are excited with the new phase of development in our journey. The funding from India Quotient will have a significant impact on our operations, projects, and growth. We’re poised to achieve a high margin, ensuring long-term sustainability. Moreover, this will help us accelerate our research and development initiatives, scale up our sales and marketing efforts, and develop automated energy scheduling and trading processes, bringing additional value to our customers. We look forward to the tremendous support from India Quotient and chart a new wave of transformation across the industry”, said Ravi Choudhary, Co-Founder, Solarad.ai.
“Across the globe, we are witnessing a dramatic transition to renewable energy sources as a key solution to combat climate change. However, managing and predicting the generation of renewable energy, especially from solar plants and battery storage, is a complex task fraught with challenges. This is where companies like Solarad.ai become crucial. They are at the forefront of innovative solutions, using deep-tech forecasting models to optimize energy generation and trading. They are a catalyst, accelerating India’s journey towards a more sustainable and efficient energy future. Their commitment to leveraging advanced technology for creating reliable and accurate forecasting models has been exceptional. This funding will propel them to new heights, and we are excited to support them in their mission to transform the energy sector”, said Anand Lunia, Founding Partner, India Quotient
This funding aligns with Solarad.ai’s long-term strategy to provide the necessary resources to expand into new markets, improve the product offering, reinforce data security and establish the company as a go-to solution for renewable energy companies. Moreover, Solarad.ai aims to leverage this funding to attract strategic partnerships with energy companies, energy exchanges, utility providers, or technology firms that align with the solar forecasting industry. The secured funding will also be used to attract further investments from venture capital firms or other investors interested in the clean energy sector.