Phoenix Contact Innovation Ventures GmbH, the venture capital company of the Phoenix Contact Group, completed an investment in Windesco Inc.
(11/2016) Phoenix Contact Innovation Ventures GmbH, the venture capital company of the Phoenix Contact Group, completed an investment in Windesco Inc. Windesco provides Internet of Things (IoT) solutions for the wind industry.
Windesco, based in Boston, is a hardware/software solutions provider for wind-power assets. The company uses proprietary algorithms to optimize asset performance and extend asset life, providing a unique value proposition in the wind industry.
“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. 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”, said 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 Commercialisation Partners, a joint venture between Rusheen Capital Management and RWE Generation that invests in innovative growth companies in the energy and power generation sector (www.rusheen-rwe.com).