SYSO Technologies, a Cambridge, Massachusetts-based provider of asset management technology and services to renewable energy developers and independent power producers, announced that it has raised $10 million in Series A funding. Lacuna Sustainable Investments, a Marin County, California-based alternative asset management firm that focuses on renewable energy, made the investment.
The newly-raised funds will be used to fuel the expansion program, targeting domestic and international markets. Also, the company plans to grow its workforce, by hiring additional talents for software engineering, operations, and sales teams.
Founded in 2019, SYSO Technologies manages renewable energy and storage project operations for developers and independent power producers. Offerings include asset registration, commissioning, operation, optimization, reporting, and settlement. Currently, the company is actively working with asset owners to transform passive renewable generators into active renewable generation via SYSO Technologies’ cloud-based Energy Management Platform.
In a released statement via the company’s press release, Gardner MacDonald, co-founder of Global Power Partners who advised SYSO in the funding round, said: “We were impressed with SYSO and pleased to assist in this transaction. SYSO’s demonstrated success and rapid growth are attributable to the team’s intelligence, practical market knowledge, and years of experience operating thousands of generating assets daily in global electricity markets. Their knowledge and experience is immensely helpful to developers and asset owners who are seeking to understand the value of energy storage in this rapidly evolving market.”