Omnidian Raises $33 Million in Series B Round
New capital will allow the company to further enhance its existing solar platform, continue growth into new market segments and facilitate international expansion.
SEATTLE–(BUSINESS WIRE)–Omnidian, the only nationwide provider of residential, commercial and industrial solar system performance plans and performance guarantees, announced today that it has secured a $33 million Series B capital raise. The round was led by Activate Capital. Additional round participants included Liberty Mutual Insurance and WIND Ventures, the strategic venture capital arm of Chilean multinational energy firm Copec, as well as existing investors City Light Capital, IA Capital, Evergy Ventures, Avista Development Inc., Congruent Ventures, Centrica, National Grid Partners, Energy Foundry and Blue Bear Capital.
“This successful raise is a validation of what Omnidian has accomplished over the past four years. Residential and commercial solar are moving into mainstream adoption and with that comes demand for a higher level of service and assurance that a customer’s system is operating as expected,” said Mark Liffmann, founder and CEO of Omnidian. “Our new capital partners share our vision of providing solar energy customers with a lower cost of ownership, less risk and a transformational customer experience. The capital will also enable expansion into new asset classes including energy storage, EV charging and HVAC.”
“Omnidian is a vital technology for the energy transition making the adoption of distributed energy resources like solar easier for homeowners and businesses,” said Raj Atluru, Managing Director, Activate Capital. “The renewables industry has spent the last two decades investing trillions of dollars into clean energy generation. Omnidian’s intelligent asset management platform treats these IoT connected assets as critical infrastructure, ensuring the rapid adoption of renewable generation and the resiliency of our grid,” added Eric Meyer, Vice President. “The Omnidian team is world class and brings decades of insight into performance management that will accelerate the adoption of these critical technologies.”
“The world is embarking on a major energy transition and Omnidian’s platform is an example of the type of technology that is needed to help consumers and businesses alike understand and maximize the performance of their clean energy systems,” said Liberty Mutual Investments Managing Director of Energy Transition & Infrastructure TJ Gaylord. “The Omnidian team continues to earn accolades for its remote monitoring, performance plans and overall level of customer satisfaction. We are excited to work alongside Omnidian as they move forward to their next phase of growth, which is aligned with our strategy of investing in alternative energy and supporting the energy transition.”
The new capital comes at a time of rapid growth for Omnidian. In addition to its performance plans for solar, the firm has launched a similar service for energy storage, both at the residential and C&I level. In the future, Omnidian’s machine learning software will monitor other IoT sensored energy products. The firm currently employs more than 100 professionals across 16 states and expects that number to grow significantly over the next several years. It will also grow the more than 1,700 megawatts it currently manages for customers. Finally, this raise will enable international expansion for the company.
The raise also comes at a time when the solar market’s growth trajectory is accelerating, increasing the need for a better experience at the customer level and the deployment of more capital at the institutional level.
“Customer peace of mind is delivered by our powerful machine learning platform ensuring that in-home or commercial energy infrastructure will deliver on its promise,” Liffmann added. “Asset performance is also key to enabling deployment of the billions of dollars in new infrastructure capital that has been earmarked for residential and especially commercial solar. I expect commercial solar’s growth to exceed most commercial solar market forecasts and Omnidian’s performance guarantees will be key to unlocking much of that capital.”
Omnidian’s mission is to protect and accelerate capital invested in clean energy through innovative technology, passionate teams and an amazing customer experience. Our state-of-the art proprietary technology provides continuous monitoring for residential and commercial solar energy systems and portfolios. As more IoT enabled clean energy technology is deployed in homes and businesses, Omnidian’s software platform will continue to provide the industry’s only end-to-end performance assurance, including proactive service alerts and field service for the life of residential and commercial solar energy systems, battery storage and more. We give consumers peace of mind, and we liberate the capital and resources of large-scale asset portfolios for our Fortune 1000 clients. For more information, visit www.omnidian.com.
About Activate Capital
Activate Capital is a leading growth equity partner to companies building smart, sustainable systems across the energy, transportation, and industrial technology markets. The firm aims to generate best-in-class financial returns while contributing to this vision of the future by investing in entrepreneurial management teams in high growth companies using technology to make the world more efficient, intelligent, and sustainable. The partners have collectively invested over $1 billion across their target sectors, resulting in 30 successful exits through IPO and M&A.
About Liberty Mutual Insurance
At Liberty Mutual, we believe progress happens when people feel secure. By providing protection for the unexpected and delivering it with care, we help people embrace today and confidently pursue tomorrow.
In business since 1912, and headquartered in Boston, today we are the sixth largest global property and casualty insurer based on 2020 gross written premium. We also rank 71st on the Fortune 100 list of largest corporations in the U.S. based on 2020 revenue. As of December 31, 2020, we had $43.8 billion in annual consolidated revenue.
We employ over 45,000 people in 29 countries and economies around the world. We offer a wide range of insurance products and services, including personal automobile, homeowners, specialty lines, reinsurance, commercial multiple-peril, workers compensation, commercial automobile, general liability, surety, and commercial property.
For more information, visit www.libertymutualinsurance.com
About WIND Ventures
Based in San Francisco, WIND Ventures is the strategic venture capital arm of Copec, one of the leading energy companies in Central and South America and one of the most valued brands throughout Latin America. WIND Ventures leverages Copec’s significant resources to accelerate growth, primarily within Latin America, for startups and scaleups across the world within the new mobility, energy and retail sectors. Visit windventures.vc or follow us on Linkedin and Twitter
Antenna Group for Omnidian, Inc.