AI Powered Solar Startup Renkube Raises 2.4 Cr in Seed Round By CIIE.CO

Bangalore-based renewable energy-focused deep tech AI startup Renkube has announced that it has secured Rs. 2.4 crores ($300K) in a seed round led by CIIE.CO. JITO Angel Network and K4 Forum Mumbai Network also participated in this round. Halliburton Labs, a wholly owned subsidiary of Halliburton Company is participating via Renkube’s selection to its clean energy accelerator. Renkube claims that it is the world's first company to offer a motion-free tracking solution embedded in the glass design for solar panels. 

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Commenting on the announcement, Balaji Lakshmikanth, CEO and Co-founder, Renkube - "At Renkube we want to enable the world to unlock the enormous potential of solar energy and accelerate the transition to a net zero carbon economy by 2070. Solar is booming and let’s make it even better."

Large solar farms today have only mechanical trackers as their only option to increase energy yield which results in 15% more capital cost, an experienced workforce to maintain the trackers, and also the motors and gears have limited warranty. AI startup Renkube intends to replace this cumbersome technology with its AI-based smart glass design that once installed lasts for the lifetime of the panel with absolutely zero maintenance overheads. Just like how a sunflower tracks the sun to maximize the yield, our innovative light harvesting glass tracks the sun and improves the energy yield of the solar panels by 20% more. As long as the Renkube panel is installed as per the recommended latitude tilt, the design works across all geographies from Singapore to London. "

According to the company, it is also supported by prestigious government grants from IKP Knowledge Park, Hyderabad, as a BIG partner (BIRAC) and Meity Tide 2.0 support from SINE, IIT Bombay. The company is also supported by AgHub Foundation, a centre for innovation and agri-entrepreneurship at Prof Jaya Shankar Telangana State Agriculture University, (PJTSAU), Hyderabad. Renkube is working with AgHub under first of its kind Agritech Innovation Pilot, Cohort 2.0, and is currently conducting its innovation pilot at PJTSAU experimental farm on a real-time basis for technology validation and development of farmer traction at Hyderabad, Telangana, India. 

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They were also initially supported for their prototype development by MSME Centre of Excellence (DESE), IISc Bangalore, by StartupNexus from the US Embassy, and by Science and Technology Park, Pune under the NIDHI PRAYAS program of DST, Govt of India.