Vancouver-based software company Clir Renewables has secured C$1.9 million from multiple investors.
The Software as a Service company has developed an artificial intelligence (AI) platform that helps wind farm owners and operators maximize production and provides clarity on performance risk.
“It’s exciting times here at Clir. We secured this bridge financing to put us in a sound financial position to continue to grow the company globally and develop our domain-specific AI,” comments Gareth Brown, CEO of Clir Renewables. “It’ll allow us to continue to lower the cost of renewable energy and give us time to find the right Series A investor later this year.”
Clir Renewables was previously awarded funding through Sustainable Development Technology Canada, Canadian government support for entrepreneurs. The company also secured C$2.1 million in a seed-stage financing round in 2018.
Mike Winterfield, founder and managing partner of Active Impact Investments, says, “We have been watching the success of the Clir Renewables team for over two years and are thrilled to get an opportunity to support them in accelerating their global expansion. Climate change requires an urgent shift from burning fossil fuels, and the insights provided by Clir’s software will continue to drive the costs of renewable energy down so it becomes the obvious choice in all markets.”
As Clir Renewables gains more market traction, it is considering sourcing larger investors.