Solar-DC solutions startup Cygni Energy today announced it has raised $6.4 million through a...
Solar-DC solutions startup Cygni Energy today announced it has raised $6.4 million through a combination of equity and debt. The equity funding is led by Endiya Partners, an early-stage venture capital firm that invests in product startups, and the debt by IndusInd Bank, the company said in a statement.
According to the statement, the funds will help the startup in expanding capacity, strengthening R&D capabilities and increasing market reach.
Cygni manufactures one of the most efficient solar controllers and had raised an initial funding in 2014. It was the first company to be recognised under Startup India programme, it said.
The company is also boosting its leadership team and has roped in Paramjit Singh as Chief Operating Officer, who was earlier serving as Circle Chief Technology Officer with Airtel, the firm said.
The startup has received a grant from Millennium Alliance (Ficci in partnership with USAID, TDB, and World Bank) for developing Solar-DC microgrid systems. The company posted annual revenues of $7.8 million for the financial year 2018, and is looking at a growth of 300 to 400 percent in the next fiscal.
Cygni provides various Solar DC and micro-grid solutions which are energy efficient and reliable offering for today's power needs, it claims.
"This round of funding will help us strengthen our product offering & enhance customer experience. It will enable us to achieve our mission of building great products that will facilitate rural development and electrification in our country and other parts of the world," Venkat Rajaraman, CEO, Cygni Energy said.
Cygni takes a unique position to revolutionise the way energy is stored and consumed by using technology to provide affordable clean energy to consumers, Sateesh Andra of Endiya Partners said."IITM has worked closely with Cygni to develop the Inverterless technology. This product was built ground up with high efficiency and affordability in mind," as per Ashok Jhunjhunwala, Professor at IITM.