Solar software startup SenseHawk Inc. on Tuesday said it has raised $5.1 million (Rs 37 crore) in fresh capital as part of its extended Series A funding round.
The funding was led by Alpha Wave Incubation, a $300 million single-LP venture fund anchored by Abu Dhabi’s state entity ADQ and managed by Navroz Udwadia, a co-founder of New York-based Falcon Edge Capital, said Sensehawk in a statement.
Existing investor SAIF Partners also participated in this funding round, it added. In September 2018, SenseHawk had raised $2 million in a Series A round led by SAIF Partners.
Swarup Mavanoor, CEO and cofounder of SenseHawk, said the funding will help provide strategic access to West Asia and North Africa as well as other global markets.
SenseHawk was founded in 2016 by Mavanoor and Rahul Sankhe. The startup's cloud-based platform and application modules help address challenges in the development, construction and operation of solar sites.
The platform is used by more than 80 customers to analyse over 28 gigawatt (GW) of solar assets in 15 countries, it said. SenseHawk is also expanding its offerings beyond just the solar space, it added.
Alpha Wave Incubation
This is the fund's second-known investment in India after its launch earlier this year.
Last week, it led a Series A funding round in customer support automation platform Verloop.io.
Alpha Wave Incubation is a 1.1 billion UAE dirham fund that was launched in May earlier this year to invest in early-stage businesses in India and Southeast Asia.
Alpha Wave Incubation will help companies it invests in to set up global or regional headquarters in Masdar City – Abu Dhabi’s smart city and cleantech hub, it had said.
The fund's backer ADQ, formerly known as Abu Dhabi Developmental Holding Company, is one of the region's largest holding companies.