PowerMarket team

PowerMarket secures Seed Investment from QVentures

18 August 2020 – QVentures has announced their latest investment
into PowerMarket, a deep-learning mapping and monitoring technology which leverages satellite data to identify ideal solar sites and forecast generation for grid management.

PowerMarket helps the solar energy sector optimise grid management and energy trading, while aiding policy makers and real estate asset managers identify optimal solar sites.

As renewable energy becomes an increasingly important part of how we power our lives and businesses, QVentures has backed the belief that grid operators, councils and other organisations’ need to map their energy requirements in a scalable way will become a critical component in
managing energy usage.

Co-Founder and CEO, Abhinav Jain has worked in the solar energy sector for over 10 years and previously ran a commercial solar panel installation consultancy in India. Having identified common inefficiencies in providing critical decision-making information on solar power, Jain learnt during his
MBA at Oxford University, that these challenges existed in every single country where solar was gaining more traction. Through this, Jain was inspired to start PowerMarket with a simple mission: to make solar energy easy, for every single person anywhere on the planet.

Alongside his co-founders, Lead Scientist and CTO, Phil Worthington, the PowerMarket team consists of highly technical and effective individuals with a combined 30+ years of experience in the energy sector.

Brian Hatton, Partner at QVentures says, “Having seen Abhi and Phil develop the PowerMarket software to fit the energy mapping needs of both grid operators and councils since first engaging with them in November 2019, we’re very excited for the future of PowerMarket and how it can become a staple tool in the smarter and more sustainable cities of the future.”

Jain says, “It is an exciting time for us to become part of QVentures’ portfolio. We see them not only as an investor, but also a strategic partner; with significant operational expertise and industry knowledge. Having already been backed by some of the world’s leading scientific and venture capital funds, we are excited to be able to further supplement our support network and accelerate our growth.”

PowerMarket was previously backed by the European Space Agency (grant funding), Seraphim Space Camp, and Techstars smart cities accelerator.

ABOUT QVENTURES

QVentures is a network of Family Offices, UHNWIs, and Successful Entrepreneurs investing in Venture Capital. Since inception, QVentures has invested in over 90 companies and reviews over 100 new deals per month. With an average ticket size of £150k per investor, 80% of companies that
QVentures worked with gained investor commitment in 2019.

In addition, QVentures has a Fund Management arm, where it invests in SEIS companies on behalf of its investors. The fund focuses on investing in pre-seed technology companies in the United Kingdom and is dedicated to finding and supporting the next generation of best in breed entrepreneurs.

Manoj Ranaweera

Manoj has founded, failed and successfully exited from a number of technology product companies as well as support organisations since 2004. Among them, Northern Tech Awards and edocr.com were acquired by GP Bullhound and Accusoft, Inc respectively. Today, Manoj is building a trusted support network for technology companies. He is working with founding teams to help them accelerate including raising investment and M&A.