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- PVcase
PVcase Funding, Investors & Competitors
PVcase has raised $122M across 4 funding rounds, most recently a $98M Series B in July 2023.
Last PVcase funding round
$98M
Series B · Jul 2023
Cumulative funding PVcase raised
$122M
across 4 funding rounds
Key investors in PVcase
Contrarian Ventures
Practica Capital
Elephant
Highland Europe
Energize Capital
EIT Climate-KIC
About PVcase
PVcase is a Vilnius-based software provider automating utility-scale and commercial solar project development. The company offers tools for terrain analysis, array layout design, 3D modeling, and energy yield simulations compatible with AutoCAD and Revit. PVcase supports over 1,500 customers in more than 75 countries, including AES, RWE, and Iberdrola, facilitating 4 TW of annual project capacity. Founded in 2018, its suite accelerates design timelines by automating manual processes.
Founded
2017
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
PVcase Funding History
PVcase has raised a total of $122M across 4 funding rounds.
PVcase's first fundraising round was a $600K pre-seed round in October 2018. The most recent completed round was a $98M Series B in July 2023.
PVcase funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Jul 2023 | Series B | Energize Capital (lead); Highland Europe (lead); Elephant | $98M | PVcase is a Lithuania-based provider of engineering and design software for solar projects, helping to design, estimate, and optimize commercial- and utility-scale solar assets. The company reduces design time from days or hours to minutes and aims to streamline data across the design and construction lifecycle to advance solar operations into the digital age. On July 17, 2023, PVcase raised $100 million in a growth capital round, led by new investors Highland Europe (London-based growth investor) and Energize Ventures (Chicago-based climate software investor), with participation from existing investor Elephant VC (Boston-based), which had backed its 2021 Series A. This funding follows PVcase's prior $23 million Series A round on October 5, 2021, led by Elephant VC with Contrarian Ventures and Practica Capital, bringing total funding to over $123 million across three rounds. The 2023 investment, which took about six months to close, will fuel platform expansion, including potential end-to-end solutions for the solar utility plant lifecycle. PVcase recently acquired Anderson Optimization and is hiring globally with 15 open positions to support growth. Investors highlighted the utility-scale solar industry's explosive growth potential and the need for digital tools to meet market demand and reduce data risk. PVcase claims its solutions position it to lead the industry toward a cleaner future through better data management. |
| Oct 2021 | Series A | Elephant (lead); Contrarian Ventures; Practica Capital | $23M | PVcase is a Kaunas, Lithuania-based solar software provider founded in 2018 by CEO David Trainavicius. The company provides a data-driven, user-friendly platform that enables companies to design, estimate, and optimize commercial and utility-scale solar assets, helping customers deliver projects faster by transforming complex engineering processes into an intuitive interface. In October 2021, PVcase closed an oversubscribed Series A funding round of $23 million USD led by Elephant Venture Capital, with participation from existing investors Contrarian Ventures and Practica Capital. This round was noted as the largest solar software company fundraising round in Europe at that time. The company intended to deploy the capital for product development, U.S. market expansion, and accelerated hiring across its offices in Lithuania, Spain, and Germany, with focus on building a comprehensive data-driven solar technology platform covering the entire project lifecycle from sales and development through construction, operation, and maintenance. By the time of this Series A round, PVcase was serving customers in over 50 countries across Europe, North and South America, Asia, and Australia, with notable clients including BayWa r.e., Borrego, Statkraft, and Atwell Group. |
| Feb 2019 | Seed | Practica Capital (lead); EIT Climate-KIC; Contrarian Ventures | $300K | - |
| Oct 2018 | Pre-seed | Contrarian Ventures | $600K | - |
Who has invested in PVcase?
6 investors have backed PVcase across its funding rounds, including Contrarian Ventures, Practica Capital, Elephant, Highland Europe, Energize Capital and EIT Climate-KIC.
Lead investors include Energize Capital, Highland Europe, Elephant and Practica Capital.
PVcase Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Participant | Oct 2018 | ||
| 2 | Lead | Feb 2019 | ||
| 2 | Lead | Oct 2021 | ||
| 1 | Participant | Feb 2019 | ||
This data is available for Pro users. Sign up to see all 6 PVcase investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by PVcase
PVcase has acquired 1 company to date.
Last acquisition by PVcase was on June 6th 2023. PVcase acquired Anderson Optimization for undisclosed valuation.
Latest Acquisitions by PVcase
| Description | Anderson Optimization is a Boulder-based software firm for utility grid planning. AOProspect automates renewable siting with GIS overlays of parcels, setbacks, and interconnection queues across PJM and ERCOT. Optimization engines model storage dispatch and curtailment under NREL scenarios for IPPs. |
| HQ Country | |
| HQ City | Boulder, CO |
| Deal Date | 6 Jun 2023 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all PVcase acquisitions and their M&A valuation multiples. Start Free Trial | |
Investments by PVcase
PVcase has invested in 1 company to date.
Latest investment by PVcase was on February 15th 2024. PVcase invested in Walk15 in their $1M Seed round.
Latest Investments by PVcase
| Description | Walk15 is a sustainable mobility platform headquartered in Warsaw that promotes employee walking through its app and B2B Sustainable Activity Platform. Companies subscribe annually to track active mobility metrics for ESG reporting, while the #walk15 app enables Step Wallet purchases for branded promotions. |
| HQ Country | |
| HQ City | Vilnius |
| Deal Date | 15 Feb 2024 |
| Round | Seed |
| Raised | $1M |
| Investors | NGL; Coinvest Capital |
| Valuation | $17M |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all PVcase investments and their VC round multiples. Start Free Trial | |
PVcase Competitors
PVcase competitors include listed companies like Nextracker and Baosight, and private ones like Octopus Energy, Kraken, Aurora Solar and Neara.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $3.6B | $747M | $13B | 2.9x | ||
| Private | - | - | $9B | - | ||
| Private | $2.2B | $531M | $8.7B | 3.9x | ||
| Publicly listed | $1.6B | $281M | $5.9B | 3.2x | ||
| Private | $100M | - | $4B | 40.0x | ||
| Private | - | - | $784M | - |
PVcase Public Comps
PVcase is still privately-owned, but its public comps include GE Vernova, Iberdrola, China Yangtze Power, Constellation Energy, Vistra, ACWA Power, Vestas, Ørsted, Gulf Development and Huaneng Lancang River.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $38B | $3.2B | 6.2x | 5.4x | 73.5x | 43.5x | |||
| $51B | $17B | 4.4x | 4.3x | 13.2x | 11.8x | |||
| $13B | $11B | 11.4x | 11.3x | 13.9x | 14.4x | |||
| $26B | $5B | 4.6x | 3.8x | 23.5x | 15.3x | |||
| $18B | $5B | 4.0x | 3.3x | 13.9x | 10.2x | |||
| $2B | $1.1B | 22.3x | 19.9x | 41.9x | 36.4x | |||
| $22B | $2.6B | 1.4x | 1.3x | 11.9x | 10.1x | |||
| $9.8B | $2.9B | 3.6x | 2.8x | 11.9x | 8.1x | |||
This data is available for Pro users. Sign up to see all PVcase competitors and their valuation data. Start Free Trial | ||||||||
Common questions about PVcase
| When was PVcase founded? | PVcase was founded in 2017. |
| Where is PVcase headquartered? | PVcase is headquartered in Vilnius, Lithuania. |
| Is PVcase publicly listed? | No, PVcase is a private, VC-backed company. |
| How much funding has PVcase raised? | PVcase has raised $122M across 4 funding rounds. |
| What was PVcase's last funding round? | PVcase's last funding round was a $98M Series B in July 2023, led by Energize Capital and Highland Europe. |
| Who are PVcase's investors? | PVcase's investors include Contrarian Ventures, Practica Capital, Elephant, EIT Climate-KIC, Highland Europe and Energize Capital. |
| Which companies are comparable to PVcase? | Companies comparable to PVcase include Nextracker, Octopus Energy, Kraken, Baosight, Aurora Solar and Neara. |
| How many companies has PVcase acquired? | PVcase has acquired 1 company, including Anderson Optimization. |
| How many companies has PVcase invested in? | PVcase has invested in 1 company, including Walk15. |
| What was PVcase's last investment? | In February 2024, PVcase invested in Walk15's $1M seed round alongside NGL and Coinvest Capital. |
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