Omnidian orchestrates $33m series B

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By Thierry Heles September 29th 2021

Omnidian, a US-based provider of solar energy servicing technology, secured $33m yesterday in a series B round featuring insurer Liberty Mutual, power producer Copec and energy utilities National Grid, Evergy, Centrica and Avista.

Growth equity firm Activate Capital led the round, while Copec, National Grid, Evergy and Avista invested through Wind Ventures, National Grid Partners (NGP), Evergy Ventures and Avista Development respectively.

Congruent Ventures, the sustainability-focused fund backed by University of California, also took part in the round, as did City Light Capital, IA Capital, Energy Foundry and Blue Bear Capital.

Omnidian markets a software platform which utilises machine learning to monitor residential and commercial solar energy systems, providing features such as system diagnostics and maintenance alerts.

The money will allow the company to hire more staff as it seeks to bolster the solar assets it manages, expand internationally and explore the monitoring of other internet-of-things-equipped energy products.

IA Capital led Omnidian’s $15m series A round in mid-2019, investing with NGP, Evergy Ventures, Avista Development, Congruent Ventures, Blue Bear Capital and City Light Capital.

NGP had already invested in Omnidian as part of a round of undisclosed size in late 2018, but it is unclear whether that marked its contribution to the series A round.

The company had earlier raised $5.1m in a 2017 round led by Congruent Ventures that also featured Avista Development, City Light Capital, Blue Bear Capital, Energy Foundry and Ekistic Ventures.