Dutch start-up Jungle has raised funding of 1 million euro from impact investor SHIFT Invest. The capital raised completes the artificial intelligence (AI) company’s 3.2 million euro seed stage funding. The investment will be used to accelerate the development of Jungle’s AI platform Canopy, which can be used to increase the energy production of existing renewable energy sources.
In order to accelerate the energy transition and meet the UN Sustainable Development Goals, renewable energy generation needs to be further optimised and industrial processes need to become more efficient. Jungle’s mission is to develop the world’s most effective tools to resolve underperformance arising from operational complexity. This has been translated into the AI platform Canopy. Renewable energy is the first field of application.
Increasing renewable energy output
With Jungle’s technology, asset managers can increase the output of large-scale wind and solar energy while keeping full control and ownership of their data. Leveraging existing sensors and data streams, Jungle’s Canopy platform can be quickly deployed to apply the world’s most powerful AI technology to increase the uptime and performance of electro-mechanical assets.
It reduces downtime by detecting impending failures ahead of time and increases power output by detecting under performance issues stemming from e.g. curtailment, misalignment and miscalibration, the company said. Canopy creates a deep understanding of asset performance and component health and extends the lifetime of the asset. Jungle currently monitors several GW of renewable energy assets for a growing number of customers. In addition to asset health monitoring and output optimisation, Jungle also provides power forecasting services.
“With this funding we will strengthen our team in several key areas to accelerate the development and deployment of Canopy. We have found a valuable partner in SHIFT, supporting our vision for the future”, says Arnoud Kamerbeek, CEO of Jungle. “Our technology can be applied to any asset that uses sensorised electro-mechanical components. We are currently developing applications for the heavy industry and high tech farming sectors as next horizons for the coming years.”
“We are happy to support Jungle in their next steps. With our fund we aim to support promising companies that can have a large positive impact on the environment and help fight climate change. As Jungle can increase the output of existing renewable energy assets, Jungle perfectly fits this focus.” says Guus Verhees, Managing Partner at SHIFT Invest. “We are impressed by the strong team, the sophisticated technology they have developed and the commercial traction they have already realized.”