Omnidian, a Seattle insurance coverage supplier of residential, industrial, and industrial photo voltaic system safety plans, right this moment introduced that it’s raised $15 million in collection A funding to develop its geographic attain. New York-based agency IA Capital led the spherical, with contributions from the funding arms of utilities Evergy, Nationwide Grid (Nationwide Grid Companions), and Avista Corp., in addition to Blue Bear Capital, Congruent Ventures, and Metropolis Mild Capital.
CEO Mark Liffmann says the newfound funds, which observe on the heels of a $5.1 million seed spherical in November 2017 and produce Omnidian’s complete raised to roughly $25 million, will assist the corporate’s residential lease portfolios and develop its current applications in New York, California, and throughout the nation.
“We all know that dangers related to photo voltaic techniques underperforming can preserve potential photo voltaic purchasers from taking the plunge,” mentioned Liffmann, who added that Omnidian’s merchandise handle the roughly three-fourths of photo voltaic purchases made by means of money and mortgage funds right this moment. “Dwelling and enterprise house owners need the reassurance that photo voltaic will ship as promised, and Omnidian’s efficiency assure offers customers that peace of thoughts. We stay up for working with our traders and main sellers throughout the U.S. to speed up the adoption of photo voltaic because it strikes into mainstream markets.”
Omnidian shoppers enrolled within the Elite Vendor Program, which prices $300 for the primary 12 months or simply beneath $13 per 30 days for owners, get real-time monitoring and administration of residential and industrial photo voltaic belongings, together with service alerts, system diagnostics, and assist across the clock. Omnidian offers limitless coated on-site visits to resolve efficiency points, and for brand new photo voltaic owners, it presents a 95% efficiency assure for as little as $15 a month.
The corporate’s danger evaluation answer integrates with most main buyer relationship administration, billing companions, and repair networks, and it screens particular person installations to make sure they meet baseline efficiency necessities. Omnidian’s staff ensures fast decision of points (like underperforming belongings) by means of a nationwide community of service professionals; for sellers, the corporate produces a quarterly report certifying that each one techniques are as much as snuff.
Omnidian’s shoppers embody “a number of” Fortune 1000 corporations, in keeping with Evergy Ventures managing director Ashwin Shashindranath, and the corporate is chargeable for over 75,000 residential photo voltaic techniques throughout the nation. With this newest spherical of funding, Omnidian expects it’ll be capable of service 75% of the U.S. residential photo voltaic market.
“Because the utility enterprise mannequin continues to evolve, we see main enterprise alternatives for corporations which can be serving to to easy the transition to a wise, distributed grid,” mentioned Shashindranath. “Omnidian is enjoying an essential function within the progress of distributed photo voltaic power as prospects more and more search to manage their power futures. Companies like Omnidian which can be in a position to de-risk these new good power options for owners can have a definite benefit out there.”
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