Hyderabad based Cygni Energy Private Limited; an innovative Solar-DC solutions startup announced that it has raised funds of $ 6.4 Million through a combination of Equity and Debt. The equity funding is led by Endiya Partners, a leading early-stage venture capital firm that invests in product startups and the debt by IndusInd Bank, a leading Private Bank in India. The funds will help the startup in expanding capacity, strengthening R&D capabilities and increasing market reach.
Founded in 2014, by Venkat Rajaraman, Cygni’s offers an innovative technology which provides green solar energy and DC power at an affordable price. The startup designs, manufactures, and sells inverter-less solar power backup DC technology solutions which removes the requirement of AC to DC and DC to AC conversions which helps in reducing the cost of production of per unit watt power.
This technology was developed by Cygni in collaboration with IIT Madras. Cygni has brought electricity to over 20000 homes across India and is building first DC Microgrid city in Sasaram, Bihar.