PVcase, a Lithuanian-based solar software provider, announced today that it raised more than $23 million USD in Series A funding, making this the largest solar software company fundraising round in Europe. Elephant led the funding round, along with existing investors Contrarian Ventures and Practica Capital.
Founded in 2018, PVcase helps companies design, estimate, and optimize commercial and utility-scale solar assets. PVcase allows its customers to deliver market-leading projects faster than their competitors by transforming complex engineering processes with a simple and intuitive interface.
“Because PVcase runs on AutoCAD and can export to PVSYST, our engineering team is able to quickly and accurately complete site layouts and energy models,” said Patrick Canning, Vice President of Engineering at Nexamp. “We have been very satisfied with PVcase’s software, customer service, and the continued improvement of their product.”
“Securing one of the biggest clean technology funding rounds on the heels of achieving 4x ARR growth over the last year further validates the innovation PVcase is bringing to the entire value chain,” said David Trainavicius, founder and CEO of PVcase. “PVcase is proud to be leading the way as companies look for engineering solutions to help streamline the end-to-end processes of PV design.”
PVcase will use this new funding to further the development of its products, support expansion in the U.S., and accelerate hiring remotely and at its offices in Lithuania, Spain, and Germany. Scaling out the company’s product portfolio will include key investments in building a data-driven solar technology platform for all solar engineering needs. This includes a product pipeline to cover the entire solar project lifecycle – from sales and development to construction, operation, and maintenance.
“On a mission to fight climate change with software, PVcase has quickly established itself as one of the most exciting solar technology companies in the world,” said Peter Fallon, general partner at Elephant VC. “These are solutions built by solar engineers for solar engineers and provide an opportunity to begin a new era of accelerated solar innovation.”