Spain-based developer of software for solar farms RatedPower has pocketed USD 6 million (EUR5.2m) in a Series A funding round led by European venture capital fund Seaya Ventures, the company announced earlier this week.
RatedPower, founded in 2017, is the developer of cloud-based software pvDesign for the automation and optimisation of the analysis, design, and engineering of solar farms. In the past 12 months, the company has had over 1,300 users in pvDesign. Clients include Iberdrola (BME:IBE), Engie (EPA:ENGI), BayWa (ETR:BYW6), Sungrow (SHE:300274), Shell (AMS:RDSA) and Samsung (KRX:005930).
The company plans to use the funds to expand in key solar markets, with a focus on the US. The cash will also be spent on speeding up product and feature development.