Surya Power Magic, an early-stage Coimbatore-based company designing solar powered irrigation pumps, has raised nearly $500,000 from angel investor fund Intellecap Impact Investment Network (I-cube-N) and Infuse Ventures. The investment was I-cube-N’s first investment into the clean tech sector.
“Along with financing, I-cube-N angels can add tremendous value across the value chain for us. We are excited to have these investors on board, and look forward to getting their guidance in scaling up our operations,” said Surya Power Magic founder Abhilash Thirupathy.
The company said these funds will be used to strengthen management, R&D, marketing and business development over the next 18-24 months.
“Angel investors have typically found clean energy as a difficult sector for investment because of the perception of high initial costs, complicated technology or regulatory issues,” Head of I-cube-N Aditi Shrivastava said. “But we are getting them promising startups in sub-sectors such as bio fuels, clean cook stoves, cold storage, FMCG solar goods, etc., which are easy to understand and also amenable to smaller ticket investments.”
Intellecap launched I-cube-N in 2011 to pool angel investors who can provide equity capital of up to $1 million for very early-stage for-profit social enterprises in the sectors of agriculture, clean energy, water & sanitation, education, financial services and healthcare.
To date, Surya Power Magic has installed over 25 water pumps in Tamil Nadu, according to LiveMint.
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