Lithuanian startup Inion LT raises $595K to accelerate its growth
Inion LT, the startup of optimization and monitoring of electricity generated by solar power plants, has received $595K from The Lithuanian VC fund Co-Investment Fund including business angels, Venture Capital fund Contrarian Ventures, and 70 Ventures revenue accelerator.
Founded in 2019 by the CEO Šarūnas Stanaitis, CTO Robertas Janickas, and COO Mindaugas Lubys, Inion LT creates an IoT platform that provides monitoring solutions for solar, industry, life sciences, etc. Currently, the startup is focusing on solar, wherewith its solution PV (Photo Voltaic) plants can generate more solar energy. They have a hardware controller, which can connect to many different inverters, where all information about PV plant production is analyzed, which makes its solution unique.
Šarūnas Stanaitis, the CEO of Inion LT, said:
“Today, solar installers face the problem – they can no longer monitor whether the power plants they have installed are operating efficiently. We have developed a tool for solar power plant builders and service companies which, after connecting to our system, may immediately see all their power plants, all alarms, and may analyze the operation of each power plant separately. At the same time, our platform is used by owners of solar parks, who want to see information straight away as to whether their power plants generate as much electricity as has been provided for, and, if something goes wrong, immediately identify the reasons why.”
The company is planning to spend the proceeds on increasing the number of software developers and sales managers. In addition, the company wants to start selling in other countries to ensure sufficient cash flow for the company to start profitable operations.