Lisbon & Amsterdam, May 2021 – Dutch artificial intelligence company Jungle raises funding of 1 million euro from impact investor SHIFT Invest. The capital raised completes Jungle’s 3.2 million euro seed stage funding. It will be used to accelerate the development of Jungle’s AI platform Canopy, and its deployment in renewable energy and industrial processes.
In order to accelerate the energy transition and meet the UN Sustainable Development Goals, renewable energy generation needs to be further optimised and industrial processes need to become more efficient. With Jungle’s technology, owners can get more out of their assets while keeping full control and ownership of their data. Jungle’s mission is to develop the world’s most effective tools to resolve underperformance arising from operational complexity.
In the renewable energy sector, Jungle’s product Canopy allows asset managers to increase the output of large-scale wind and solar energy farms. It reduces downtime by detecting impending failures ahead of time and increases power output by detecting underperformance issues stemming from e.g. curtailment, misalignment and miscalibration. Canopy creates a deep understanding of asset performance and component health and extends the lifetime of the asset. Jungle currently monitors several GW of renewable energy assets for a growing number of customers. In addition to asset health monitoring and output optimisation, Jungle also provides power forecasting services.
“With this funding we will strengthen our team in several key areas to accelerate the development and deployment of Canopy. We have found a valuable partner in SHIFT, supporting our vision for the future”, says Arnoud Kamerbeek, CEO of Jungle. “Our technology can be applied to any asset that uses sensorised electro-mechanical components. We are currently developing applications for the heavy industry and high tech farming sectors as next horizons for the coming years.”
“We are happy to support Jungle in their next steps. With our fund we aim to support promising companies that can have a large positive impact on the environment and help fight climate change. As Jungle can increase the output of existing renewable energy assets, Jungle perfectly fits this focus.” says Guus Verhees, Managing Partner at SHIFT Invest. “We are impressed by the strong team, the sophisticated technology they have developed and the commercial traction they have already realized.”
Jungle enables energy and industry leaders to regain control of their increasingly complex asset base. Leveraging existing sensors and data streams, Jungle’s Canopy platform 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 accelerating the world’s transition to renewable energy sources. Jungle’s team is predominantly based in Lisbon, Portugal.
SHIFT Invest (www.shiftinvest.com) is a Dutch venture capital fund that invests in innovations in food & agriculture, clean (bio-based) technologies, circularity and smart materials. Through its investments, SHIFT strives to create environmental impact alongside financial return. Together with the fund partners, SHIFT offers entrepreneurs a broad network and knowledge of the sector. SHIFT is managed by New Balance Impact Investors (NBI), an experienced team of investment professionals and entrepreneurs. NBI manages five venture capital funds, backed by strong and involved partners that share their mission of turning investments into impact.
For enquiries please contact:
Jungle - Arnoud Kamerbeek, arnoud.kamerbeek@jungle.ai
SHIFT Invest – Guus Verhees, guus.verhees@nbi-investors.nl, +31 20 303 2071
