Folsom Labs, the California-based developer of PV sales and design software HelioScope, has raised US$1 million in a round of funding from other major software players.
Money generated from the round will be used to grow HelioScope into a stronger software solution, from the first consumer interaction into the final close on a deal.
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Paul Gibbs, CEO of Folsom Labs, said: “HelioScope is already a phenomenal PV design tool, and we have the opportunity to extend it further, from refining residential functionality to generating permitting documents – and all steps in between. Even though we are profitable and growing rapidly, our customers are ready for that complete solution.”
The funding round was led by Sheldon Kimber, principal at Kokosing Capital, and former COO of Recurrent Energy. A number of renewable energy figures also participated in the round, including REC Solar founder Tim Ball and Fred Kittler of Firelake Capital.
Kimber noted: “The solar industry doesn't need a new semiconductor technology – it needs tools like HelioScope that help installers design, deploy and finance projects more efficiently. Few understand this as well as the Folsom Labs team. Folsom Labs started by attacking the most valuable problem – system design and energy calculations – and are now uniquely positioned to become a true end-to-end solution for solar developers.”
Paul Grana, co-founder of Folsom Labs and head of sales & marketing, continued: “By raising when we didn't need the money, we were able to be very selective about the investors we wanted to work with – and ended up with a group of investors that include the most experienced executives in the solar industry. Our investors make sure we are tuned in with where the industry is going on a 5- to 15-year horizon, and help us manage our growth opportunities effectively.”
HelioScope has grown in outreach over time, with the software now being utilised by customers such as REC Solar, SunEdison, NRG, Rosendin Electric, GE Power & Water, Borrego Solar and hundreds of other smaller developers.