Israeli solar energy AI diagnostics company Raycatch has filed for an initial public offering (IPO) on the Tel Aviv Stock Exchange (TASE), sources close to the matter have told "Globes." As far as is known, Tel Aviv-based Raycatch has filed confidentially with the TASE prior to filing a public prospectus. Market sources believe that the company will try to raise NIS 50 million at a company valuation of about NIS 200 million.
Raycatch uses AI diagnostics to improve and optimize production of energy from photovoltaic (PV) solar panels - an area in which Israeli solar energy giant SolarEdge (Nasdaq: SDGE), with a market cap of over $15 billion, also operates. Raycatch's AI program analyzes data from the panels and draws conclusions about the efficiency of their functioning. The IPO will be led by Orion Underwriters.
The data provided by Raycatch encompasses a 360 degree perspective of the panels and includes recommendations about cleaning, warning about electrical outages and the flow of electricity, exceptional temperature fluctuations, preferred dates for changing panels, and more. Raycatch was founded in 2015 by CEO Haggai Hofland, CAO Mike Goldstein and CTO Noam Noy. Investors include Maverick Ventures Israel, DSM and BayWa r.e.
Solar energy is a hot sector in terms of TASE offerings in recent months with half a dozen IPOs since November and several more expected in the coming few months.
Published by Globes, Israel business news - en.globes.co.il - on February 1, 2021
© Copyright of Globes Publisher Itonut (1983) Ltd. 2021