Skyven is picking up steam and has closed an oversubscribed seed round led by The Southwest Angel Network with additional funding by the Koffman Southern Tier Incubator, through which they are a member of the clean energy program, actively gaining business support and connections in the energy ecosystem. The newly acquired funding will allow the company to grow their presence in the Southern Tier, execute on sales, continue to develop solar technologies in-house, and expand on a national scale.
The funding supports industrial process heat is used in the industrial processes undertaken by manufacturers. It makes up near 25 percent of the U.S. Industrial sector’s energy consumption, contributing in a major way to carbon emissions. Drawing on past experience installing mirror technologies and auditing the energy use of customers, Skyven pivoted to address this alarmingly inefficient and costly use of energy.
“Our goal is to become the world leader in the decarbonization of industrial process heat,” says Arun K. Gupta, PhD, Founder & CEO, Skyven Technologies Inc. “The first name I want manufacturers to think of is Skyven.”
Rather than pay for the consulting, installation, or equipment, customers pay Skyven for the heat used. The difference now being their systems are more energy efficient and energy costs are lowered. This equates to a win for the manufacturer and the environment, with Gupta estimating a $100,000 a year savings on average for customers.
“We go into a factory and assess the best way to work clean energy into the equation,” says Gupta. “We’ll determine the right path and then find specialized contractors to make it happen. The best part, the factory doesn’t pay for any of it.”
Skyven was introduced to New York’s Southern Tier through their involvement in the 76West Clean Energy Competition supported by the New York State Research and Development Authority. In 2017, the company won the first prize of $1 million which was then used to spearhead operations in the state and develop the company further. Through working hands-on with world class mentors in regional development organizations such as the Koffman Incubator, and through customer discussions, Skyven discovered a much larger issue faced by industrial facilities.
The Dallas TX, based company Skyven Technologies was created in 2013 by Gupta to develop and produce solar concentrators for use by industrial facilities, reducing costs and producing sustainable energy. As they say, everything is bigger in Texas. Gupta combined his experience with his passion for sustainability to scale the microscopic mirror technology he helped develop to an industrial level. The microchip which utilizes millions of microscopic mirrors is a chip that powers most cinema projectors today.
Learn more about Skyven at: skyven.co