Investment puts wind in the sails of start-up
The technology company, Sennen, whose software increases the reliability and productivity achieved by renewable energy owners, has secured financial backing from investment firm Sustainable Accelerator in its first round of seed funding.
Experienced renewable energy business angels Colin Palmer and David Bunker are also investing in the business. Further investors will be announced soon with the total round expected to be nearly £400,000, double the initial target.
The funding will be used to grow the Sennen team, mainly the recruitment of new software engineers, and develop the company’s marketing. Working closely with London Array, one of the world’s largest offshore wind farms, Sennen’s unique software platform allows the company to track and optimise construction and maintenance activity at the site, including vessels and personnel, using real-time updates.
The same system underpins a second application, which is aimed specifically at the owners of renewable energy portfolios, such as clean infrastructure investment funds and anyone who has a portfolio of assets to manage. Sustainable Accelerator is a team of venture capitalists who invest in high growth, early-stage businesses working in sectors that are contributing to the fight against climate change.
Peter Shortt, chief investment officer at Sustainable Accelerator, said: “This is an exciting partnership. By investing in new technologies like this, we can accelerate the decarbonisation of the energy sector by driving down the cost of renewable energy.
“We think Sennen has the ingredients for success because of the team’s experience and the major companies that have already adopted the software. Its approach is a marked departure from established software in the industry and offers powerful advancements.”
Gaby Amiel, CEO at Sennen, says: “It’s fantastic to have the backing of Sustainable Accelerator, as well as Colin and David, who collectively have a compelling track record in successful clean energy enterprises.
“We need more resources to capitalise on the interest we are getting from the industry so this financial boost comes at just the right time and is going to help propel our business to the next level.”
Unlike many other systems on the market, Sennen works in partnership with companies to develop a digital platform that exactly meets the needs of the client. Its modular structure means it is completely configurable and can work alongside existing applications.
It has been developed by a team of people who collectively have 30 years’ experience in the renewables industry, including in asset management, so they understand exactly what is needed and how to deliver it.
Gaby continues: “Too much information is still handled in spreadsheets. It’s cumbersome and costly. Owners can’t see how their assets are performing, neither can they use their data intelligently to improve operations. The Sennen system changes all this, quickly delivering accurate, reliable data via beautifully designed interfaces.”
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