Richardson-based Skyven Technologies today announced a $ 4 million institutional seed funding round. The round was oversubscribed and was led by VoLo Earth Ventures, as well as Global Founders Capital and the SWAN Impact Network. Skyven also received grants from the California Energy Commission, bringing its total new capital to $ 6.5 million.
The Energy-as-a-Service company plans to invest new funds in sales, marketing, project execution and software development talent in order to continue its mission of reducing industrial emissions by financing and reducing the risks of investment projects aimed at reducing carbon emissions. caused by the heat of the process.
“We know that to make progress on climate change, we need to align financial, operational and environmental goals. To achieve this, we are at the forefront of an innovative, technology-driven business model where we only succeed if our customers are successful, ”said Arun Gupta, Founder and CEO of Skyven Technologies, Inc., in a communicated.
Skyven’s service responds to a difficult challenge for manufacturers – decarbonising thermal energy – due to the complexity of industrial installations. Its solution combines artificial intelligence (AI) to uncover areas for reducing fossil fuel use with an IoT platform that analyzes real-time operating data for a range of uses, including carbon accounting. and risk management.
There is a growing need for industrial climate solutions that directly affect the impact of carbon, said Kareem Dabbagh, co-founder and CEO of Colorado-based VoLo Earth Ventures, adding that the climate-based investment firm was “excited. through Skyven’s approach to solution architecture and flexible financing to rapidly scale up decarbonization efforts.
“We are confident in Skyven’s expert team of entrepreneurs and engineers to make a significant environmental impact, accelerating the new energy economy,” said Dabbagh.
How Skyven started
Arun Gupta, an electromechanical engineering graduate from the University of Texas at Dallas, founded Skyven Technologies in 2012, after leaving his job in the digital light processing products division at Texas Instruments.
Gupta aimed to provide commercial customers with a clean source of energy at a lower cost. Thus, its fuel-free, zero-emission solar panel system called Intelligent Mirror Array Technology was born.
In 2017, Gupta won a $ 1 million grand prize at the 76West Clean Energy Competition and set out to grow their business. Gupta, who was a finalist for energy innovation at the 2020 D CEOs and Dallas Innovates Innovation Awards, says the Dallas-Fort Worth area has supported his growing startup.
“Skyven Technologies is a testament to the innovation of North Texas,” he says. “The resources that we have been able to muster in North Texas to meet one of the greatest challenges of our time are unparalleled,” he said.
Quincy Preston contributed to this report.
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