Now that solar panels are supposedly the world’s fastest-growing source of energy, startups are building tools and analytics to help manage the rise of smaller solar systems. One of those is two-year-old, Petaluma, Calif.-based startup Enphase Energy, which announced on Tuesday that it has raised $6.5 million in a Series B funding led by Third Point Ventures.
The company explains its technology, which is still in beta and will be available in the second quarter of this year, as a management system that includes inverters (which convert solar power from DC to AC so that it can be used in standard household circuits) and web-based analytics for both residential and commercial solar users. The company says it raised its Series B to get its product to market.
The company also says its technology represents a shift in the solar industry to distributed inverters, as opposed to a centralized inverter system, and can make solar systems more efficient, reliable and easy to install. As solar systems get cheaper, installations can be smaller and more distributed. They are also getting smarter and just last week, well-established solar software monitoring company Fat Spaniel announced it raised $18 million.