Powering the Future of Solar: Why We Invested in Raptor Maps

At Maverix Private Equity, we are excited to lead a $35 million growth equity investment in Raptor Maps, a company at the forefront of transforming solar asset management. This investment dovetails with our broader thesis on Smart Cities, which already includes investments in Miovision Technologies and KODE Labs. Together, we are addressing the critical urban efficiency sectors of transportation, buildings, and now, energy.

Demand for electricity is soaring beyond what even the most bullish power industry experts have forecast. We have deep conviction that solar energy, the most efficient and fastest-growing renewable energy source, will transform the energy landscape. Yet, significant revenue losses and inflated operating costs remain a challenge for solar operators. Raptor Maps’ innovative platform addresses these issues by automating and enhancing maintenance and management processes necessary for commercial-scale and utility-scale solar operations.

We believe the solar industry is poised to enter its third era of evolution. Transitioning from the early stages of small, hands-on facilities to larger, data-centric control centers, we envision a future of hyperscale, autonomous management in the solar industry. This new era will redefine solar farm operations, making the integration of technologies like those developed by Raptor Maps more important than ever. What sets Raptor Maps apart is its sophisticated software platform that harnesses AI-driven analytics, robotics, and various asset data streams to significantly boost the sustainability of solar energy systems. This not only boosts investment returns for asset owners but also meaningfully enhances operational efficiencies.

Raptor Maps squarely fits within Maverix’s mandate to invest in disruptive, market-leading companies in large, growing industries in partnership with exceptional founders. We pride ourselves on identifying companies at the forefront of transformative market trends. By investing in Raptor Maps, we are not only supporting the company’s mission to unlock the full potential of solar energy but also reinforcing our broader commitment to creating smarter, more sustainable cities. Our decision to invest was reinforced by the widespread adoption and high regard for its software among the world’s largest and most sophisticated solar companies. After engaging with solar engineers, executives, and energy investors, it became clear that Raptor Maps has cultivated a passionate and committed customer base.

The strategic inclusion of Raptor Maps in our portfolio extends Maverix’s expertise in Smart Cities. With Miovision Technologies enhancing smart traffic solutions and KODE Labs optimizing smart building technologies, Raptor Maps adds a crucial energy pillar to our strategy, promising to forge a more efficient, sustainable, and connected urban future.

Raptor Maps also models an investment thesis that we have pursued in other verticals. We have a keen interest in platforms that improve operations and maintenance of large assets. Our earlier investment in KODE Labs, which focuses on building efficiency and maintenance, mirrors our thesis on Raptor Maps, which equips solar asset owners with the tools to optimize performance, extend asset life, and maintain critical infrastructure. Both companies demonstrate how mission-critical operating systems with a data flywheel can transform physical asset management.

We are thrilled to support co-founders Nikhil Vadhavkar and Eddie Obropta, who have the same passion to profoundly impact the renewable energy transition. Nikhil and Eddie met at MIT while pursuing their PhD degrees in the aerospace engineering department, where they decided to leverage their expertise in autonomous aerial systems, simulation, and software engineering to form Raptor Maps. Their vision and drive resonate deeply with our business philosophy at Maverix, which emphasizes innovation and technically astute founders. In addition, we are pleased to join forces with existing investors – Blue Bear Capital, MKB, Congruent Ventures, Buoyant Ventures, and Y Combinator – to scale Raptor Maps into a global champion in renewable energy.

And finally, as Toronto-based investors and avid fans of the Toronto Raptors, we couldn’t miss the opportunity to support another promising 'Raptor.' Partnering with Raptor Maps may not bring us any basketball championships on the court, but we hope it will help us win big in the renewable energy arena.