Renewable energy-focused deep technology startup Renkube has raised USD 300K (INR 2.4 Cr) in seed funding round from CIIE.CO.
The round also saw participation from JITO Angel Network, K4 Forum Mumbai Network, and Halliburton Labs.
The startup plans to use the funds to build an industrial scale manufacturing of this solar panel, secure the necessary certifications and showcase the technology with top industrial clients in India, the US and Australia.
The Bangalore-based Renbuke was founded in 2017 by B L Bangolae, Lakshmi Santhanam, Deepika Gopal and J V Rao, It is a solar energy focused intensive technology platform to produce technology products in renewable energy.
It becomes world’s first company to offer a motion free tracking solution embedded in glass design for solar panels.
Commenting on the announcement, Balaji Lakshmikanth, CEO and Co-founder, Renkube – “At Renkube we want to enable the world to unlock the enormous potential of solar energy and accelerate the transition to a net zero carbon economy by 2070.Solar is booming; let’s make it even better.”
The startup will start with the solar photovoltaic market and, in the future, will enable this technology for various use cases such as integrated solar roofing, agricultural PV, solar water heaters and solar balconies.
“CIIE.CO has actively been investing in the Cleantech space since its inception, and we believe this space requires crucial catalytic capital to foster innovation and better products for faster, efficient adoption. Renkube has a very strong technical background, with its founders having a decade of experience each in the engineering, research, and software domains. Their patent pending light redirecting glass design based on their proprietary topology optimization algorithm is an extremely unique product and creates a strong defensibility and first mover advantage in the clean tech space,” said Vipul Patel, Partner, Seed Investing, CIIE.CO.
Renkube is a renewable energy-focused company who are pioneers in the field of Motion Free Optical Tracking(MFOT) of solar panels. The company was established in 2017 by a group of passionate individuals who are committed to contributing to a sustainable future by producing cutting edge products in the renewable energy field.
Today, their team is exclusively focused on developing and commercializing MFOT based solar technology. They have a research and development site in Bangalore, India. They are actively looking to collaborate with solar panel manufacturers to manufacture their technology.
Their MFOT technology will allow module manufacturers to significantly improve the price performance ratio of their solar panels.