Internet of Things specialist for the wind industry, Windesco, is looking to expand its services and increase its installed base worldwide.
Phoenix Contact Innovation Ventures, the venture capital company of the Phoenix Contact Group, completed an investment in Windesco Inc.
Windesco, based in Boston, is a hardware/software and Internet of Things (IoT) provider for wind-power industry. The company uses proprietary algorithms to optimize asset performance and extend life, providing a unique value proposition to wind-farm owners.
“Windesco is seeking to expand its activities and increase its installed base worldwide,” said Jack Nehlig, President of Phoenix Contact USA and Board Observer of Windesco. “Both Phoenix Contact and Windesco understand the many challenges of the wind industry: harsh environmental conditions, remote locations, and long lifecycles.”
He said that Phoenix Contact will provide automation infrastructure solutions to help Windesco execute and accelerate the realization of its value proposition for the wind energy industry.
“Windesco aims to fill a big gap in the growing wind industry by providing an OEM-independent optimization platform using advanced sensors, cloud-based analytics, and business model innovation,” added Mohit Dua, Founder and CEO of Windesco. “The strategic relationship with Phoenix Contact, both as an investor and preferred hardware provider, will allow Windesco to provide reliable and effective solutions in the market.”
This Series A financing round is a co-investment between Phoenix Contact Innovation Ventures and Rusheen-RWE Commercialization Partners, a joint venture between Rusheen Capital Management and RWE Generation that invests in innovative growth companies in the energy and power generation sector.
Filed Under: Financing, News, Projects
