September 20, 2022
Welcome to Tuesday! Let's get to it.
🛫 1 travel thing: The Axios Pro Deals team is back on the road and we want to know what events you’re attending. Tell us where you're headed.
1 big thing: Enact raises $11.5M for solar software
Enact Systems, a Pleasanton, California-based software startup, raised $11.5 million in Series A funding, the company tells Megan.
Why it matters: Software startups serving solar project developers are winning over investors with the tried-and-true SaaS model pitch combined with the expanding market thanks to the Inflation Reduction Act incentives.
Details: Energy Growth Momentum led the all-equity round and got a board seat as part of the funding deal. NB Ventures, Arka Venture Labs, Olympus Capital, Alumni Venture Funds and several angel investors also participated in the round.
How it works: Enact Systems makes software that enables solar project installers to design and plan projects remotely via SaaS.
- The company has also released an app for homeowners to manage solar installations once they are up and running.
- The software can work with all available solar panel and battery brands, though CEO Deep Chakraborty says the company has preferred partners.
Of note: The company is focused on the consumer in its current growth phase. After that, Chakraborty says he’s considering working with grid operators and larger companies.
- He notes that the IRA incentives for consumer solar and electric will increase demand for monitoring and reporting software across the board.
The bottom line: Enact Systems is investing heavily in its consumer energy-monitoring app after the fresh infusion of funding, indicating it is betting on a two-pronged enterprise and consumer business model to succeed.