Start-Up Jungle Raises €5 Million to Deploy AI Technology in RE Sector

Dutch artificial intelligence start-up Jungle has announced that it has closed a €5 million Series A funding round led by SHIFT Invest- Dutch venture capital fund  complemented by Rocks International Group, EDP Ventures, Gorilla Growth Capital and Future Energy Ventures. Jungle said that the funding will allow it to speed up the deployment of its technology in the renewable energy and industrial sectors.

Jungle is developing effective tools to resolve machine underperformance. It claims that its 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. The installed wind turbines and solar panels can increase their electricity generation.

Arnoud Kamerbeek, CEO of Jungle, said, “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. We have found a very valuable partner in SHIFT, and we are happy that they have doubled down on their commitment to us.”

Canopy, the AI product of Jungle, creates a deep understanding of machine performance and component health by detecting impending failures ahead of time and underperformance issues related to curtailment and component misalignment. This allows customers to 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.

Guus Verhees, Managing Partner, SHIFT Invest, stated,“ 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.

SHIFT Invest III is a Dutch venture capital fund that aims to bring back the balance between nature and society by fighting climate change, loss of biodiversity and depletion of the resources of the planet.