National Grid Partners, Evergy Ventures and Avista Development all contributed to a series A round for the solar power monitoring service.
US-based solar energy servicing company Omnidian raised $15m of series A funding yesterday, from investors including energy utilities National Grid, Evergy and Avista.
The round was led by venture capital firm IA Capital and included Blue Bear Capital, City Light Capital and Congruent Ventures, the sustainability-focused fund backed by University of California.
The corporates participated through respective subsidiaries National Grid Partners (NGP), Evergy Ventures and Avista Development.
Founded in 2015, Omnidian supplies a monitoring and protection service covering residential and commercial solar panels. System administrators receive maintenance alerts, system diagnostics and call-outs from the company on an ongoing basis to protect panels from breakdowns.
The series A capital will help Omnidian service the needs of its clients and fund additions to its elite dealer scheme, which allows retailers of residential solar panels to bundle Omnidian’s product with the product for a reduced fee for a year.
The company also hopes to expand into new US markets, such as New York and California, in a bid to extend its reach to more than 75% of the US solar market.
Congruent Ventures led an oversubscribed $5.1m round for Omnidian in November 2017 that was backed by Avista Development, City Light Capital, Blue Bear Capital, Energy Foundry and Ekistic Ventures.
NGP subsequently invested in Omnidian as part of a round of undisclosed size in November 2018, though that may have represented part of the series A.
The original version of this article apperared on our sister site, Global University Venturing.