Marketing platform for solar market participants lures sixteen financial backers

faraday2So far sixteen investors participated to Faraday‘s $880,000 non-brokered financing round. Financial backers bought last Thursday 89% of the offering or $780,000 worth of equity. According to the offering’s structure the company may raise an additional $100,000 until February 2015. This is the first time Faraday is selling securities under a registration exemption.

The company develops and markets a software as a service (SaaS) prospecting tool for contractors, installers, and retailers to target, launch, and track micro-campaigns and find new business. Though it is not clearly stated by the company, Random Research is assuming the software is targeting participants in the solar panel market. Solar installations are typically protected from lightning by Faraday cages, hence the company’s name. The software enables users to “big data” analyze neighborhoods house by house and compile a number of details such as type of house and energy usage. The company seems to be on to something as according to a recent Bloomberg article, solar is going mainstream: ” Spurred by a drop in panel prices, robust government subsidies and a technology that no longer appears experimental to mainstream America, rooftop photovoltaic solar is bursting out everywhere. About 200,000 U.S. homes and businesses added rooftop solar in the past two years alone – about 3 gigawatts of power and enough to replace four or five conventionally-sized coal plants. The U.S. set a single-quarter record with 31,000 residential rooftop installations in the three months through Sept. 30. Solar represented 72 percent of all power added in the U.S. in October.”. The software is currently in Beta.

Robert Adler (President) leads the Middlebury VT based company which was registered in 2012. Faraday elected to keep its revenues undisclosed. The executive team includes Andrew Rossmeissl and Seamus Abshere.

Offering recap
Status: First close
Company: Faraday
Industry: Other Technology
Amount offered: $880,000
Amount placed: $780,000
First sale: 2014-02-13


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