Blockchain startup Sun Exchange has raised $1.6 million in new seed funding.
The company drew support from a number investors, including Network Society Ventures, Kalon Venture Partners, and startup accelerators BoostVC, Techstars and Powerhouse. Back in September 2016, Sun Exchange was one of a batch of blockchain startups to join the Plug ‘n Play startup accelerator.
Sun Exchange’s platform uses blockchain as a way to let users rent out solar panels, with assets being recorded on a blockchain and payments made through cryptocurrency.
In comments, the startup said that it aims to democratize access to solar power, as well as boost access for those looking to capitalize on interest in consumer-grade renewable energy.
Sun Exchange CEO Abraham Cambridge said in a statement:
“[Solar power] is the fastest growing source of energy, but billions of people don’t own their own roof or have the capital to get it. By breaking down solar panel ownership to a single cell we reduce the cost of going solar by two orders of magnitude and we’re utilizing empty roof space in some of the sunniest cities on the planet, such as Dubai and Johannesburg.”
Though accelerators like BoostVC and Techstars are no strangers to investing in blockchain startups, the seed funding appears to be a first in the industry for both Network Society Ventures and the South Africa-based Kalon.
Image via Shutterstock.com
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