Solarad.ai, a trailblazer in energy forecasting for solar plants and battery storage, has recently concluded its seed funding round with India Quotient leading the investment. The successful closure of this funding round will provide a significant boost to the company’s expansion efforts and expedite its overall growth. This infusion of capital further solidifies Solarad.ai’s commitment to delivering unparalleled energy forecasting models on a global scale.
The secured funds will be utilized to bolster the technological infrastructure of Solarad.ai’s deep-tech models and algorithms, which are instrumental in energy generation forecasting. The company’s primary focus will be on enhancing the cloud infrastructure to accommodate the growing demand and ensure scalability. Substantial investments will be allocated to research and development, aimed at improving the accuracy and reliability of the forecasts, as well as expanding the customer base.
Solarad.ai intends to leverage the funding to extend its solution offerings across the European and US markets. This expansion will involve the recruitment of a skilled and proficient team comprising data scientists, engineers, and business development professionals. By attracting top talent, the company aims to further strengthen its position in the industry.
Solarad.ai has strategic plans to develop and automate energy scheduling and trading processes, providing added value to its customers. These initiatives will streamline operations and enhance the overall efficiency of energy management.
The successful closure of the seed funding round, led by India Quotient, marks a significant milestone for Solarad.ai, accelerating its growth trajectory and reinforcing its commitment to delivering cutting-edge energy forecasting solutions to customers worldwide.
Ravi Choudhary, Co-Founder of Solarad.ai, shared his excitement for the future, stating, “Our vision at Solarad.ai is to create a world where energy production and consumption are optimally managed, fostering sustainability and efficiency. Our revolutionary Deep-tech M.L-based models are already disrupting existing NWP forecasts. We are thrilled about the new development phase on our journey, and the funding from India Quotient will play a pivotal role in our operations, projects, and overall growth. Our aim is to achieve a high margin, ensuring long-term sustainability. Additionally, this funding will expedite our research and development initiatives, bolster our sales and marketing efforts, and drive the development of automated energy scheduling and trading processes, providing even more value to our customers. We eagerly anticipate the tremendous support from India Quotient as we chart a new wave of transformation across the industry.”
Anand Lunia, Founding Partner of India Quotient, emphasized the significance of companies like Solarad.ai in the global transition towards renewable energy solutions and combating climate change. He stated, “We are witnessing a remarkable shift worldwide towards renewable energy sources as a crucial response to climate change. However, effectively managing and predicting the generation of renewable energy, particularly from solar plants and battery storage, poses considerable challenges. This is where companies like Solarad.ai play a vital role. They are at the forefront of innovation, utilizing deep-tech forecasting models to optimize energy generation and trading. They act as catalysts, accelerating India’s progress towards a more sustainable and efficient energy future. Solarad.ai’s dedication to harnessing advanced technology for the development of reliable and accurate forecasting models has been exceptional. This funding will propel them to new heights, and we are thrilled to support them in their mission to revolutionize the energy sector.”
The infusion of funding perfectly aligns with Solarad.ai’s overarching long-term strategy, providing the necessary resources to drive expansion into untapped markets, enhance the product offering, fortify data security measures, and solidify the company’s position as the premier solution for renewable energy companies. Additionally, Solarad.ai intends to capitalize on this funding to establish strategic partnerships with energy companies, energy exchanges, utility providers, and technology firms that share the same vision for advancing the solar forecasting industry. The secured funding will also catalyze attracting additional investments from venture capital firms and other investors seeking opportunities in the clean energy sector.
