Omnidian, a nationwide provider of residential and C&I solar system protection plans and performance guarantees, has announced a $15 million capital raise.
The round was led by IA Capital, a New York-based insurtech venture capital firm. Additional investors in the round included the venture arms of utilities Evergy, National Grid and Avista Corp., as well as Blue Bear Capital, Congruent Ventures and City Light Capital.
Based out of Seattle, Omnidian is supported by the U.S. Department of Energy’s SunShot Program, which accelerates the development of impactful solar technologies.
With this new injection of capital, Omnidian will continue to support its clients’ residential lease portfolios and grow its Elite Dealer Program, which allows residential solar dealers to include Omnidian’s system protection and cash-back performance guarantees for all cash and loan customers for $300 for the first year.
“We know that risks associated with solar systems underperforming can keep potential solar purchasers from taking the plunge,” says Mark Liffmann, CEO of Omnidian. “Home and business owners want the assurance that solar will deliver as promised, and Omnidian’s performance guarantee gives consumers that peace of mind. We look forward to working with our investors and leading dealers across the U.S. to accelerate the adoption of solar as it moves into mainstream markets.”
“IA Capital sees tremendous value in Omnidian’s team and technology platform,” notes Rick Viton, partner at IA Capital. “We believe they’re poised to not only become the dominant solar performance assurance provider in the United States, but also expand their services to disrupt market verticals outside of solar. We look forward to leveraging our insurtech expertise and relationships to help them grow their business in the coming years.”