Otovo closes a NOK 60M in series A financing from strategic investors.

Norway Investments 10 July 2017
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Otovo, an Oslo, Norway-based startup providing solar energy solutions, announced raising NOK 60M ($7.1M) in an equity investment round.

The round, which was oversubscribed, was led by Akershus Energi and OBOS, two local major industrial partners, and includes existing investors in the company.

Otovo, founded in 2015 by Andreas Thorsheim, Simen Jørgensen and Andreas Bentzen, plans, installs and operates solar cells on private houses and commercial buildings. The company has a proprietary software that removes the need for inspection and purchase components in large quantities, which reduces the cost of getting solar cells on the roof.

Prior to this transaction, Otovo raised a little more than $4M, from Agder Energi Venture, Bakken & Bæck or Founders Fund.