Alpha Wave Incubation (AWI), a $300-million venture fund managed by Falcon Edge Capital, has led a $5.1-million Series A1 funding round in California and Bengaluru-based solar software startup SenseHawk per an announcement.
Apart from SenseHawk, the Abu Dhabi’s ADQ-backed fund has so far invested in four other startups, including Entropik, Verloop, Hippo Video, and Avail Finance. According to a report in The Economic Times, the fund has about five more deals in the pipeline in areas like edtech, consumer brand and social commerce.
Alpha Wave Incubation, which was set up in May this year, is also setting up a team of 10-12 members for its India investment and operating functions.
“AWI is building out an India and Abu Dhabi team of somewhere between 10 and 12 people at the outset, including a programme manager, a CFO, controller, etc to provide the portfolio assistance on product market, strategy, and hiring,” the report said.
Commenting on the firm’s latest investment SenseHawk, Anirudh Singh, managing director at Alpha Wave Incubation, said, “We are excited to back an industry-leading AI-first SaaS company which brings about step-function increases in performance, productivity and cost efficiencies for their customers. Its platform offers immense application to the UAE and the GCC’s already large and burgeoning renewable energy sector.”
SenseHawk has also secured investment from existing investor SAIF Partners in the latest round. The startup claims that its application modules enable solar companies to reduce costs, enhance workforce productivity and improve solar site performance leveraging AI and machine learning models. Its platform is used by over 80 customers to analyse over 28 GW of solar assets in 15 countries.
SenseHawk plans to expand presence to Abu Dhabi and use UAE as a global base for international expansion while also targeting the Gulf Cooperation Council (GCC) countries, MENA and other global markets.
“The investment through Alpha Wave Incubation provides strategic access to the MENA market in addition to powering the ongoing development of our software platform. Solar construction is on a fast trajectory and this new funding enables us to continue to support designers, builders and operators of this critical form of renewable energy,” Swarup Mavanoor, CEO and co-founder of SenseHawk said.