US-headquartered Deeya Energy Inc, which develops electrical energy storage platforms, has raised Series C funding of $30 million. The round was led by Technology Partners and was joined by return backers BlueRun Ventures, Draper Fisher Jurvetson, Element Partners and New
Enterprise Associates. Deeya Energy's factory is based out of Gurgaon and the company is initially targeting the Indian telecom infrastructure market.
The company will use the funds raised in this round to ramp up production and scale operations. Energy storage is believed to be a $46 billion market. Deeya has till now raised more than $53 million in total funding since it was founded in 2004. It raised $15 million in its series-B round last year, which was lead by NEA.
Deeya's product will help telecom tower firms save billions of dollars in diesel fuel costs, said Ira Ehrenpreis, general partner at Technology Partners, in a statement. The firms power solutions are also renewable, recyclable, and non-toxic.
“We were attracted to Deeya as an early investment opportunity because it addresses all three primary energy storage markets: backup, renewable storage, and grid storage. We also saw from our experience in wireless and telecommunications that power infrastructure was a real limitation for wireless telecom growth,” said Sujit Banerjee, partner at BlueRun Ventures, in the statement.
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