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Enact Systems Solar Software Receives Q1 Seed Funding
Pleasanton, CA, May 11, 2015. ENACT SYSTEMS, the leading end-to-end solar software for distributed energy, announced that it has now closed its seed round of financing as of Q1 2015. Investors on this seed round for this award-winning solar startup included top professionals from the world of energy, finance and banking from San Francisco, New York, London and Dubai.
ENACT’s end-to-end solar software solutions focuses on lowering customer acquisition, operational, and financing costs for distributed energy developers, installers, and investors, specifically in solar and energy efficiency. ENACT’s solar platform is providing an enterprise-scale solution to enable and improve transaction processes in a rapidly growing distributed energy marketplace that now represents over $20B in annual revenue in 2014 in the U.S. alone.
“We raised our first round of seed funding of over $1 million from angel investors who are top corporate leaders in global banking and private equity, as well as industry leaders from the world of US distributed energy financing. This seed round will fund the buildout of our complete end-to-end software platform, as our customers need help scaling their sales, installation, and financing operations more efficiently”, said Deep Chakraborty, CEO of ENACT.
In its promise of continued innovation to its solar platform, ENACT also announced the addition of Dr. Manish Anand, Ph.D. to its Executive Management team as its Executive Vice President of Product Management. Dr. Anand has earlier co-founded two successful startups and is a software industry veteran with over 500 citations of his scientific work along-with several corporate and academic awards at Adobe, Microsoft, Nokia, Starwood and BestBuy. Dr. Anand holds a Ph.D. in Computer Science and Engineering from the University of Michigan.
“With the expansion of our customer base beyond the solar segment, we are planning to launch significant new capabilities in the area of energy efficiency sales and operations, as well as the related project financing community in the US market. Our US development team expansion will continue in parallel to scale-up of our software engineering subsidiary in Bangalore, India”, said Chakraborty. The solar software company has now crossed over a hundred customers in the US market and is evaluating partnerships for its expanding platform offering from a range of new distributed energy markets including Asia, Europe and Latin America.
ABOUT ENACT SYSTEMS INC.
ENACT’s SaaS platform provides end-to-end business process automation solutions for distributed energy developers, installers, and investors. ENACT’s functional SaaS marketplace is focused on lowering customer acquisition, operational and financing costs, while enabling incremental revenue growth for all stakeholders. ENACT SYSTEMS is headquartered in Pleasanton, CA, with an office in Bangalore, India.
