PVComplete closes Series A backed by EDP Ventures, expands to Europe
OAKLAND, CA & PORTO, PORTUGAL—March 26, 2019—PVComplete, an Oakland, California-based solar design-software provider, today announces the completion of its Series A investment round led by EDP Ventures in Portugal and backed by Syzygy West in the US, among other investors. Series A funding has enabled PVComplete to launch a subsidiary in Porto, Portugal, to lead product and business development for the European market.
PVComplete’s Portugal office will house technical and sales staff, serving professional design solutions to early adopters in Europe who have begun using PVComplete design and engineering software.
“PVComplete’s solar software brings scalable solutions to an international market that’s achieving unprecedented scale. Now operating on both sides of the Atlantic, we can more effectively address sales, design and engineering challenges for rooftop solar while bringing automation and optimization to not only rooftop projects but also utility-scale projects of all sizes,” said PVComplete CEO Claudia Eyzaguirre.
Through the expansion, PVComplete can extend engineering expertise and build software to European electrical specifications. PVComplete can also expand live customer support and training to European time zones. Supporting and training are core aspects of PVComplete’s corporate identity.
“We received very good internal feedback about PVComplete’s PVSketch and PVCAD capabilities for solar design, both at the residential and utility level. We believe the solar market will continue to grow at an accelerated pace and we are excited to sponsor PVComplete expansion into the European market by investing in their Portuguese subsidiary with our EDP Cleantech Fund supported by EDP Group and IFD-Instituição Financeira para o Desenvolvimento,” said Luis Manuel, a member of the EDP Ventures board.
EDP Ventures investment director Daniel Nascimento has joined the PVComplete board.
“Projects start and end with software analytics, and PVComplete is a proven leader in that field. I’m especially excited about the company’s recent expansion into Europe and the possibilities of bringing best-in-class solar design and sourcing to that market,” said Dan Martin, Syzygy West.
Incorporated in 2015 by solar veterans Claudia Eyzaguirre and Daniel Sherwood, PVComplete is a solar design and engineering software company based in Oakland, Calif. that builds software for solar design optimization, energy modeling and solar PV configuration. PVComplete allows anyone to build a project, from concept and layout through the automated generation of construction plans and a bill of materials. PVComplete serves thousands of companies across 44 countries. Users design over 190 MW of projects each month with PVComplete’s two products, PVCAD, built on Autodesk technology for engineering and design, and PVSketch, a web application for sales proposal design.
PVComplete board of directors and advisors includes: Jenya Meydbray, founder of PV Evolution Labs, Claudia Wentworth, founder of QuickMount Solar, James Kempf, PhD, cloud computing expert at Ericsson and Jay Migliaccio, sales engineering manager at Aspera (acquired by IBM 2016), all of whom are investors.
About the investors
EDP Ventures is the corporate venture arm of EDP Group, an early-stage venture capital firm mainly focused in Seed and Series A aiming to support and stimulate the open innovation process in the energy sector.
Currently managing more than 70M€, EDP Ventures looks for disruptive technologies and business models focusing in Renewable Power technology, Smart Grids, Energy Efficiency, Electric Mobility, Energy Storage, AI and ML, Cybersecurity, Digital and Predictive Analytics. EDP Ventures is located in Lisbon and São Paulo.
Syzygy West invests in early-stage cleantech companies, primarily in the San Francisco Bay Area. Investments include Geli, Valor Water Analytics and Marrone Bio Innovations.