Windlab Systems today announced the successful close of a A$5.0million equity financing. The investment round was led by Innovation Capital, a leading Australian venture capital fund and included investments from Blue Cove and the continued support of Epicorp and other existing shareholders.
“Windlab Systems has enjoyed excellent growth over the past 4 years since its inception, and is benefiting from operating in a global market that is experiencing unprecedented growth and long term opportunity” stated Windlab’s CEO Mark Sinclair. Sinclair said, “Our world leading technology provides a sustainable competitive advantage in this increasingly active market and the successful conclusion to this funding round will provide the resources needed to implement our aggressive growth plans.”
Innovation Capital’s Roger Price said “We are excited by the prospects for this business in the rapidly developing wind energy sector. Windlab has an exceptional technology platform, a well rounded and experienced team and a track record of successful early stage growth”.
Nick McNaughton, CEO, Blue Cove Ventures said “We are delighted to be co-investing with Innovation Capital. They have a strong team and a successful investment track record”. He went on to say “Windlab has executed well over their formative years. This investment now provides the capital to accelerate expansion”.
Windlab, a successful spin-out from Australia’s CSIRO and Graduate from Epicorp’s Incubation program, is active across four continents, and has partnerships with strong global infrastructure organisations. “We will continue to develop prospects in targeted global markets where the opportunities for growth and value creation are highest” said Mark Sinclair. “We look forward to working with Innovation Capital as a strategic investor in the business, and developing a significant portfolio of valuable wind farm assets globally.”