Australian startup, Ping Services has secured $1.3 million in seed funding, as it moves to scale technology that autonomously detects wind turbine damage.
The company says the Ping Monitor is a world-first device that offers the $95 billion global wind power industry a solution to tackle costly, ad hoc and time-intensive maintenance and repair methods.
Ping Services says the seed round brings onboard major investors, including global alternative investment management firm, Artesian.
Ping will use the investment to accelerate its global customer growth and scale the manufacture of the patented technology Ping Monitor, which it believes will help solve an issue costing the industry $2 billion annually.
The round, which brings Ping’s total funding to $2.25 million, adds to private investor and government investment in pre-seed funding rounds via the Australian Government Accelerating Commercialisation Grant and South Australian Government Research, Commercialisation and Startup Fund.
Ping’s CEO, Matthew Stead says the device is an integral advance in reducing the cost of renewable energy and speeding up global adoption.
“We’re thrilled to have gathered a strong network of investors who recognise Ping’s early achievements, are confident in our growth potential, and actively support our vision and values, particularly in helping to support the growth of renewables,” he says.
Artesian VC Analyst, Alexandra Clunies Ross, says the technology will be crucial in driving growth across the global renewables sector.
“Fault detection technology improves the efficiency and adoption of renewable energy. Ping’s device reduces unnecessary maintenance costs and can allow for further growth in renewables,” she says.
Ping says it’s continuing to develop and build a wide customer base in the US and Australia, while discussing opportunities in Japan, France, India, the UK and Europe.
The startup is also expanding the application of the technology in mining and rail freight industries.
The Minister for Innovation and Skills for the state of South Australia, David Pisoni says the government is committed to working with the private sector to drive economic activity by commercialising local research to grow jobs, and deliver innovative solutions.