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

PVcase Overview

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

LithuaniaVilnius

Website

pvcase.com

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

PVcase funding rounds
DateStageInvestorsRaisedDeal Summary
Jul 2023Series BEnergize Capital (lead); Highland Europe (lead); Elephant$98MPVcase 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 2021Series AElephant (lead); Contrarian Ventures; Practica Capital$23MPVcase 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 2019SeedPractica Capital (lead); EIT Climate-KIC; Contrarian Ventures$300K-
Oct 2018Pre-seedContrarian 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

Investors in PVcase by funding rounds participated
InvestorHQRoundsRoleFirst check
Contrarian VenturesLithuaniaVilnius3ParticipantOct 2018
Practica CapitalLithuaniaVilnius2LeadFeb 2019
ElephantUnited StatesBoston, MA2LeadOct 2021
EIT Climate-KICSpainValencia1ParticipantFeb 2019

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Acquisitions 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

Anderson Optimization
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 CountryUnited States
HQ City
Boulder, CO
Deal Date6 Jun 2023
Valuationundisclosed
EV/Revenue
EV/EBITDA

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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

Walk15
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 CountryLithuania
HQ City
Vilnius
Deal Date15 Feb 2024
RoundSeed
Raised$1M
InvestorsNGL; Coinvest Capital
Valuation$17M
EV/Revenue
EV/EBITDA

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PVcase Competitors

PVcase competitors include listed companies like Nextracker and Baosight, and private ones like Octopus Energy, Kraken, Aurora Solar and Neara.

Public and private companies comparable to PVcase
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
NextrackerUnited StatesUnited StatesPublicly listed$3.6B$747M$13B2.9x
Octopus EnergyUnited KingdomLondonPrivate--$9B-
KrakenUnited KingdomLondonPrivate$2.2B$531M$8.7B3.9x
BaosightChinaChinaPublicly listed$1.6B$281M$5.9B3.2x
Aurora SolarUnited StatesSan Francisco, CAPrivate$100M-$4B40.0x
NearaAustraliaSydneyPrivate--$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 FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
GE Vernova$38B$3.2B6.2x5.4x73.5x43.5x
Iberdrola$51B$17B4.4x4.3x13.2x11.8x
China Yangtze Power$13B$11B11.4x11.3x13.9x14.4x
Constellation Energy$26B$5B4.6x3.8x23.5x15.3x
Vistra$18B$5B4.0x3.3x13.9x10.2x
ACWA Power$2B$1.1B22.3x19.9x41.9x36.4x
Vestas$22B$2.6B1.4x1.3x11.9x10.1x
Ørsted$9.8B$2.9B3.6x2.8x11.9x8.1x

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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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