Based between Lisbon and the Netherlands, deeptech startup Jungle is tackling machine underperformance, predominantly for the renewable energy sector. The startup has just secured €5 million to scale and expand.
With rising costs of living, a soaring energy crisis and an increasingly-concerning climate crisis, Europe’s sustainable energy transition is at a critical point. While the renewables sector has developed different machines and tech to provide sustainable energy, maintaining the performance and component health of these machines can produce some hurdles to jump over.
Using AI to resolve underperformance and improve machine productivity, deeptech startup Jungle has just picked up new investment.
The funding
Closing its Series A round at €5 million, Jungle’s latest funding was led by SHIFT Invest. Other investors in the round include Rocks International Group, EDP Ventures, Gorilla Growth Capital and Future Energy Ventures.
The cash will enable the startup to accelerate the deployment of its technology in the renewable energy and industrial sectors.
Guus Verhees, managing partner SHIFT Invest: “About a year ago we provided a small loan to Jungle and since then we have seen great progress which triggered our investment appetite on a larger scale. The Jungle team is very strong and has shown its ability to contract and onboard world class companies. Jungle’s customers are empowered to boost production, prevent failure costs and reduce CO2 emissions of their production facilities. The instant contribution of Jungle to the energy transition needs fits SHIFT’s impact investing purpose very well.”
Resolving underperformance
Founded in 2017, Jungle develops and applies AI to enhance the performance of different machines used in industrial and renewable energy sectors. Currently, the tech is mostly being used by the owners and operators of wind farms, solar farms, and manufacturing lines to identify and resolve underperformance, allowing them to improve production.
With Jungle, already installed wind turbines and solar panels can generate more electricity, accelerating the energy transition. Amidst a growing energy crisis in Europe, tech that enables us to better leverage renewable energy sources will prove critical both for energy providers’ ability to keep up with demand, as well as to help keep costs down for the end user.
Jungle’s AI product Canopy creates a deep understanding of machine performance and component health by detecting impending failures ahead of time and underperformance issues, such as curtailment and component misalignment. This allows customers to significantly increase the availability, output and lifetime of their assets. Jungle also offers inter- and intraday power forecasting tailored to the specifics of the wind- and solar farms of its customers.
Based in Lisbon, the Dutch-Portuguese company has developed its services into a web application and is continuously developing the product to ensure it is maximizing energy production from assets. Already working on a global scale, the startup has plans to support the world’s transition to renewable energy sources.
The new funding will be used to strengthen the team and expand the product offering to a growing number of customers across additional markets and sectors, supporting Jungle’s mission to resolve machine underperformance and empower the people behind it.
Arnoud Kamerbeek, CEO of Jungle: “We have been able to expand to a much larger customer base over the past year. With this funding we will further strengthen our team to support scaling on a global basis. We have found a very valuable partner in SHIFT, and we are happy that they have doubled down on their commitment to us.”
