Skyven Technologies, a Richardson-based energy-as-a-service (EaaS) company, announced on Tuesday it closed an oversubscribed seed funding that totaled $4 million.
The funding round was led by VoLo Earth Ventures and included participation from Global Founders Capital and SWAN Impact Network.
“We are very proud of the success of the raise. Closing a new round with VoLo Earth Venture’s lead and the SWAN Impact Network doubling their previous investment demonstrates the widespread support for our model for profitable decarbonization,” Inbal Nachman, Skyven’s director of strategic marketing, told Built In. “It is a privilege to work with incredible partners who are as dedicated to rapidly reducing industrial emissions as we are.”
Skyven was founded in 2013 with the mission of combating climate change. First, it created an Intelligent Mirror Array (IMA) system that uses thermal energy to heat industrial facilities more optimally. According to the company, its IMA technology helps facilities save 54 gallons of diesel per year. Following the creation to that system, it began investing and promoting other sustainable energy project and facilities.
“Our vision is a future of resilient, equitable and sustainable energy use in industrial plants. It is a future where industrials capture long-term value and disperse it to their surrounding communities. It is a future where by 2030, we’ve halved industrial emissions in pursuit of limiting global warming to 1.5 degrees Celsius,” according to Skyven’s website.
Skyven uses propriety AI and data to find decarbonization opportunities focused on reducing fossil fuel consumption. This process, according to Skyven’s website, involves collaborating with other projects, after site visits and engineering analysis. Skyven then provides the new project with support and details on future implementations and continues to monitor the project for the next several years.
“We know that to make progress on climate change, we have to align financial, operational and environmental goals. To make that happen, we are pioneering an innovative tech-enabled business model where we only succeed if our customers succeed,” Arun Gupta, founder and CEO of Skyven, said in a release. “As we continue to see this vision through, we are grateful for our new partners and existing investors who are committed to building a resilient and equitable future.”
According to Nachman, the new capital will be used to continue to grow Skyven’s EaaS platform, which identifies decarbonization projects.
