Solar project software maker Tyba raises $2.25M
Tyba, a startup that makes predictive models for solar and storage projects, raised $2.25 million in seed funding, the company tells Axios.
Why it matters: Tyba's raise, which CEO Michael Baker calls "unlucky" in its initial timing, comes as more investors eye the growing ecosystem around energy storage and battery technology as a key element of the energy transition.
Details: Powerhouse Ventures and Wireframe Ventures co-led the equity round. The firm did not receive board seats as part of the deal because the company hasn't formed a board yet, Baker tells Axios.
- Lorimer Ventures, MKT1 Capital and Virta Ventures also participated in the round, which closed in November. Baker declined to share the company's valuation following the raise.
How it works: Tyba's software models solar production, energy storage dispatches and price data to predict a project's overall value once complete.
- It compares different solar panel models or battery technologies, as well as nuances of developing projects in specific areas, and calculates how each project can produce the most high-value energy at the lowest cost to developers and project investors.
- Tyba sells its software to renewable energy developers, independent power producers and asset managers financing the projects.
Zoom out: Energy storage is a key part of the renewable energy transition to help ease energy demand when generation from solar or wind dips low.
- Most project developers are comfortable making decisions about the different types of solar panel technology, Baker says, but are most interested in testing out different types of energy storage using Tyba's software.