EDPR Pereira Barreto PV complex. Image by EDP (www.edp.com)
Dutch artificial intelligence company Jungle, the developer of a tool that identifies and resolves underperformance issues at renewable energy plants, announced today it has raised EUR 5 million (USD 5m) in a Series A funding round led by SHIFT Invest.
Rocks International Group, EDP Ventures, Gorilla Growth Capital and Future Energy Ventures also took part in the transaction. SHIFT Invest’s participation in the funding round comes about a year after it provided a small loan to Jungle.
Jungle’s flagship product, called Canopy, applies AI technology to increase the uptime and performance of electro-mechanical assets, including wind and solar farms. The firm says that renewable energy is its first vertical. Its team is predominantly based in Lisbon, Portugal.
“We have been able to expand to a much larger customer base over the past year. With this funding we will further strengthen our team to support scaling on a global basis,” commented Arnoud Kamerbeek, CEO of Jungle. More specifically, the company will seek to hire 12 new employees over the next few months.