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.
Europe’s urgent need for a sustainable energy transition presents many challenges. They face increasing costs of living, an enormous energy crisis and an uncertain climate crisis. Despite this, the renewable energy sector has developed tech and machines to provide sustainable energy. However, maintaining these machines can be difficult due to unhealthy components or failing performance.
Jungle Technology, a deeptech startup, recently received new investment after using artificial intelligence to improve machine performance and resolve underperformance.
The Funding
Jungle recently finished its Series A funding round. SHIFT Invest led the round, and other investors included Rocks International Group, EDP Ventures, Gorilla Growth Capital and Future Energy Ventures. The round closed with €5 million.
This startup received funding to speed up the release of their technology in the industrial and renewable energy sectors.
SHIFT Invest’s managing partner Guus Verhees said, “We invested in Jungle Energy a year ago after providing a small business loan. Since then, the company has shown significant improvements that motivated us to invest larger amounts. The Jungle team is exceptional and has proven its ability to attract top clients and companies. Its customers are able to reduce CO2 emissions, prevent failure costs and increase production. Furthermore, their energy transition needs were met with immediate help from Jungle— which SHIFT Invest considered ideal for their impact investing purpose.”
Resolving Underperformance
Jungle Tech focuses on applying artificial intelligence to different machines. These AI systems help these machines improve performance and identify underperformance. Consequently, this has allowed owners and operators of wind turbines, solar panels, and manufacturing lines to increase their production. Jungle Tech was founded in 2016 and the tech is currently used by these owners and operators.
Already, the installation of Jungle makes it possible to harness more electricity from existing wind turbines and solar panels. This will prove critical for both energy suppliers and consumers as Europe faces increasing energy demands. By allowing people to use renewable energy sources in a better way, tech like this will help both parties stay ahead of demand while keeping costs low.
Jungle’s Canopy AI product provides a comprehensive understanding of machine functionality and components. It can predict impending machine failure, underperforming components, and alignment issues. Canopy also allows customers to increase the longevity, output and availability of their equipment. Additionally, Jungle offers customized daily and hourly power forecasts for wind farms and solar farms.
This Dutch-Portuguese company was started in Lisbon; they develop their services as a web application. Their main goal is to utilize energy from their assets in the most efficient way possible. The company plans to help facilitate the world’s move to renewable energy sources.
Jungle’s mission is to improve machine performance for the people working with them. The new funding will help them grow their team and offer more products to more customers in additional markets and industries.
Jungle Company CEO Arnoud Kamerbeek says ‘ we have been able to expand to a much larger customer base over the past year.’ As a result of this funding, Kamerbeek says Jungle will ‘ further strengthen our team to support scaling on a global basis.’ He adds that he’s happy to have found a valuable partner in SHIFT, who have committed themselves to Jungle in a bigger way.
