The Canada Pension Plan Investment Board and partners have closed a $27 million series B funding round for Clir Renewables, a software start-up developing cloud-based renewable energy asset management and reporting software.
Since it was founded in 2017, Clir has provided technology to support asset owners of renewable energy assets in 11 countries through its artificial intelligence-driven monitoring and optimization platform.
The latest round will allow the company to further develop smart products, using data to more accurately evaluate technical and financial risk and enabling improved contractual and financing terms for owners and investors, according to a press release. It also noted the financing will help to accelerate Clir’s growth within its existing European and North American markets, as well as grow its presence in Latin America, Africa and Asia-Pacific.
Read: CPPIB completes purchase of stake in renewable energy company
“Clir is fast becoming a critical Canadian player in the renewables space and this investment is a strong fit within our innovation, technology and services strategy in our newly formed sustainable energy group,” said Bruce Hogg, managing director and head of the sustainable energy group at the CPPIB, in a press release.
In other investment news, the Caisse de Dépôt et Placement du Québec participated in a series B funding for Poka, a worker platform built specifically for manufacturers.
The funding round raised $25 million, bringing the company’s total funding to more than $45 million.
According to a press release, Poka will use the new funds to accelerate product development in support of the company’s vision to give manufacturers a single hub for operational knowledge and collaboration on the factory floor.
“This last year once again proved that company performance is greatly impacted by technology,” said Alexandre Synnett, executive vice-president and chief technology officer at the Caisse, in the release. “Poka’s digital platform resolves several key issues in the manufacturing sector, especially in skills management and communication.”
Read: Caisse invests in expansion of Quebec-based software company