Omnidian raises $15 million to insure, manage, and service solar power systems
Omnidian, a Seattle insurance provider of residential, commercial, and industrial solar system protection plans, today announced that it’s raised $15 million in series A funding to expand its geographic reach. New York-based firm IA Capital led the round, with contributions from the investment arms of utilities Evergy, National Grid (National Grid Partners), and Avista Corp., as well as Blue Bear Capital, Congruent Ventures, and City Light Capital.
CEO Mark Liffmann says the newfound funds, which follow on the heels of a $5.1 million seed round in November 2017 and bring Omnidian’s total raised to roughly $25 million, will support the company’s residential lease portfolios and grow its existing programs in New York, California, and across the country.
“We know that risks associated with solar systems underperforming can keep potential solar purchasers from taking the plunge,” said Liffmann, who added that Omnidian’s products address the roughly three-fourths of solar purchases made through cash and loan payments today. “Home and business owners want the assurance that solar will deliver as promised, and Omnidian’s performance guarantee gives consumers that peace of mind. We look forward to working with our investors and leading dealers across the U.S. to accelerate the adoption of solar as it moves into mainstream markets.”
Omnidian clients enrolled in the Elite Dealer Program, which costs $300 for the first year or just under $13 per month for homeowners, get real-time monitoring and management of residential and commercial solar assets, along with service alerts, system diagnostics, and support around the clock. Omnidian provides unlimited covered on-site visits to resolve performance issues, and for new solar homeowners, it offers a 95% performance guarantee for as little as $15 a month.
The company’s risk assessment solution integrates with most major customer relationship management, billing partners, and service networks, and it monitors individual installations to ensure they meet baseline performance requirements. Omnidian’s team ensures quick resolution of issues (like underperforming assets) through a nationwide network of service professionals; for dealers, the company produces a quarterly report certifying that all systems are up to snuff.
Omnidian’s clients include “multiple” Fortune 1000 companies, according to Evergy Ventures managing director Ashwin Shashindranath, and the company is responsible for over 75,000 residential solar systems across the country. With this latest round of funding, Omnidian expects it’ll be able to service 75% of the U.S. residential solar market.
“As the utility business model continues to evolve, we see major business opportunities for companies that are helping to smooth the transition to a smart, distributed grid,” said Shashindranath. “Omnidian is playing an important role in the growth of distributed solar energy as customers increasingly seek to control their energy futures. Firms like Omnidian that are able to de-risk these new smart energy solutions for homeowners will have a distinct advantage in the market.”
Source: VentureBeat
