Richardson-based Skyven Technologies today announced a $4 million institutional seed funding round. The round was oversubscribed and was led by VoLo Earth Ventures, along with Global Founders Capital and the SWAN Impact Network. Skyven also received California Energy Commission grant awards which brought its new capital total to $6.5 million.
The Energy-as-a-Service company expects to put the new cash into sales, marketing, project execution, and software development talent in order to further its mission of industrial emissions reductions by funding and de-risking capital projects geared toward reducing carbon emissions caused by process heat.
“We know that to make progress on climate change, we have to align financial, operational, and environmental goals. To make that happen, we are pioneering an innovative tech-enabled business model where we only succeed if our customers succeed,” said Arun Gupta, founder and CEO of Skyven Technologies, Inc., in a statement.
Skyven’s service meets a difficult challenge for manufacturers – decarbonizing thermal energy – because of the complexity of industrial plants. Its solution combines artificial intelligence (AI) to uncover areas to reduce fossil fuel use with an IoT platform that analyzes real-time operating data for a range of uses including carbon accounting and risk management.
There’s a growing need for industrial climate solutions that directly affect the impact of carbon said Kareem Dabbagh, Co-Founder and Managing Director of Colorado-based VoLo Earth Ventures, adding the climate-based investment firm is “excited about Skyven’s approach tackling solution architecture and flexible financing to rapidly scale decarbonization efforts.”
“We’re confident in Skyven’s expert team of entrepreneurs and engineers to make a meaningful environmental impact, accelerating the new energy economy,” said Dabbagh.
How Skyven started
University of Texas at Dallas electromechanical engineering alum Arun Gupta founded Skyven Technologies in 2012, after leaving his job in the digital light processing products division at Texas Instruments.
Gupta aimed to offer commercial customers a lower cost source for clean energy. Thus, his fuel-less, zero-emissions solar panel system calls Intelligent Mirror Array Technology was born.
In 2017, Gupta won a $1 million grand prize in the 76West Clean Energy Competition and set out to grow his company. Gupta, who was a finalist for energy innovation in the 2020 D CEO and Dallas Innovates Innovation Awards, says that the Dallas-Fort Worth region has supported his burgeoning startup.
“Skyven Technologies is a testament to North Texas innovation,” he says. “The resources we have been able to assemble in North Texas to take on one of the greatest challenges of our time are second to none,” he said.
Quincy Preston contributed to this report.
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