Jungle raises EUR 5M Series A funding
Jungle raises EUR 5M Series A funding lead by SHIFT Invest
Amsterdam & Lisbon, 5 September 2022 – Jungle, a Dutch artificial intelligence company, has closed a 5 million euro Series A funding round led by SHIFT Invest, complemented by Rocks International Group, EDP Ventures, Gorilla Growth Capital and Future Energy Ventures. This funding allows the company to accelerate the deployment of its technology in the renewable energy and industrial sectors.
Jungle was founded with the mission to develop the world's most effective tools to resolve machine underperformance. The company’s technology is used by owners and operators of wind farms, solar farms, and manufacturing lines to identify and resolve underperformance, allowing them to improve production. In the renewables sector, that means enabling already installed wind turbines and solar panels to increase their electricity generation, accelerating the world’s urgent energy transition.
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 e.g. related to 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.
“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.”, says Arnoud Kamerbeek, CEO of Jungle. “We have found a very valuable partner in SHIFT, and we are happy that they have doubled down on their commitment to us.”
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 need fits SHIFT’s impact investing purpose very well.”
The company will be hiring for 12 positions over the next few months. The raised funding will enable the company to strengthen its global team and expand its 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.
Jungle enables energy and industry leaders to regain control of their increasingly complex asset base. Leveraging existing sensors and data streams, Jungle’s Canopy product can be quickly deployed to apply the world's most powerful AI technology to increase the uptime and performance of electro-mechanical assets. With renewable energy as its first vertical, Jungle is supporting the world’s transition to renewable energy sources. Jungle’s team is predominantly based in Lisbon, Portugal.