WindESCo, a Burlington-based software startup that aims to make wind farms more efficient, has brought in $10 million in Series B funding.
The round was led by Boston-based private equity firm WAVE Equity Partners, with participation from an affiliate of Tenaska as well as existing investors.
BostInno reported in February that the company was seeking to raise $10.3 million. At that time, WindESCo disclosed in a securities filing that it had raised $5.3 million in equity.
“WindESCo's solutions fill a major gap in the wind energy performance optimization space," WindESCo founder and CEO Mo Dua said in a statement. "We have successfully applied our solutions to increasing the operating margins of wind plants for project owners. WAVE and Tenaska's investment validates our approach."
Founded in 2014, WindESCo has developed software that uses machine learning and smart sensing to optimize the performance of wind turbines. The company says its clients have increased revenues from their wind farms by up to 7 percent.
WindESCo is also working on what it calls "Social Wind Farms" in which smart turbines can "learn" from each other to act as a single, energy- and cost-efficient unit. WindESCo’s solutions are currently being used in eight countries, including the U.S., India, the U.K. and France.
With the new funding, the startup plans to enhance its technology, grow its sales and customer success teams, create joint development and channel partnerships and take its solutions to the global marketplace.
