ImpactAlpha, June 26 – Seattle-based Omnidian is de-risking solar energy systems by selling homeowners and asset managers performance guarantees for the systems they buy. The company has raised $15 million, led by insurance-focused venture capital firm IA Capital led the round.
Omnidian sells guarantees to home solar system owners on a subscription-basis via solar dealers, lenders and installers. Its monitoring software then goes to work to estimate a system’s baseline production and tracks changes in performance. When their software detects an issue, it works with technicians to examine the system. Omnidian guarantees 100% of the baseline energy or it reimburses customers.
Omnidian’s Mark Liffmann said in an interview that its product takes the pressure off of homeowners and asset owners to “maintain these complicated assets.”
The company manages about 75,000 systems. This includes individual home systems as well as company-owned residential portfolios.
Omnidian’s Series A round saw participation from National Grid Partners, an early investor, and two other utility company venture funds, Evergy and Avista. Blue Bear Capital, Congruent Ventures and City Light Capital also backed the round.
The funding will support the company’s residential services expansion and allow it o launch into the commercial market.