AI-powered Startup SenseHawk Raises $5.1 Mn In Series A led by Alpha Wave Incubation
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SenseHawk, a cloud-based company that leverages AI to solve challenges in the development, construction and operation of solar sites, has raised USD 5.1 million as part of its Series A round led by Alpha Wave Incubation (AWI).
Existing investor SAIF Partners, which invested USD 2 million in the company in September 2018, also participated in the round.
Founded in 2018 by Swarup Mavanoor, who is from IIM Kozhikode and Indian School of Business alumnus Rahul Sankhe, SenseHawk is an AI-powered software-as-a-service (Saas) company that helps customer enterprises in the renewable sector develop, build and operate solar and other infrastructure sites through superior insights.
Its cloud-based platform and application modules enable solar companies to reduce costs, enhance workforce productivity and improve solar site performance leveraging AI and machine learning models. The application modules support site and terrain management, construction monitoring, operations, thermography, work management and file organization for the customer companies.
The Saratoga, California headquartered startups has development centers in Bangalore, and Abu Dhabhi. It is used by over 80 companies to analyze over 28 GW of solar assets in 15 countries.
With the fresh funding, the company said it will expand its presence in Abu Dhabi and use the Emirate as a global base for international expansion while also targeting the Gulf Cooperation Council (GCC) countries, Middle East and North Africa (MENA) and other global markets.
“The investment through Alpha Wave Incubation provides strategic access to the MENA market in addition to powering the ongoing development of our software platform,” said Swarup Mavanoor, CEO and co-founder of SenseHawk.
“Solar construction is on a fast trajectory and this new funding enables us to continue to support designers, builders and operators of this critical form of renewable energy.”
AWI is an early-stage USD 300 million venture fund anchored by Abu Dhabi’s ADQ and managed by American hedge fund Falcon Edge Capital. Apart from SenseHawk, the fund has recently pumped capital in four other startups, including AI-based emotion analytics startup Entropic, financial services company Avail Finance, customer support automation platform Verloop and video engagement platform Hippo Video.
Commenting on the deal, Anirudh Singh, MD, AWI said “SenseHawk has sophisticated technology, strong global traction and a leadership team with deep experience in the solar industry. We are excited to back an industry-leading AI-first SaaS company which brings about step-function increases in performance, productivity and cost efficiencies for their customers. Its platform offers immense application to the UAE and the GCC’s already large and burgeoning renewable energy sector.”