Australian tech startup, Ping Services, today announced it has raised a $1.3 million Seed funding round, bringing onboard major investors including Artesian.
Ping will use the investment to accelerate its global customer growth and scale the manufacture of patented technology Ping Monitor.
Ping Monitor is a world-first device which is changing the face of wind energy by autonomously detecting wind turbine blade damage, costing the industry $2 billion annually.
The round, which brings Ping’s total funding to $2.25 million, adds to private investor and government investment in pre-seed funding rounds via the Australian Government Accelerating Commercialisation Grant and South Australian Government Research, Commercialisation and Startup Fund.
Ping Monitor offers the $94.9bn global wind power industry a simple solution to tackle current costly, ad hoc and time-intensive turbine to turbine maintenance and repair approaches.
How does the Ping Monitor work?
The device magnetically attaches to individual wind turbine towers and collects data, alerting maintenance staff when an anomaly in sound is detected via simple dashboarding.
In South Australia, where Ping Services has its Head Office, wind power now accounts for 34 per cent of electricity production in the state and represents 35 per cent of Australia’s installed wind power capacity.
As Australia continues to be a leading global player in wind power generation this device is seen by Ping’s founders, investors and stakeholders as an integral part in reducing the cost of renewable energy and speeding up global adoption.
Chief executive officer, Matthew Stead said, “our success in this Seed funding round is a testament to the hard work and dedication of our team and the unwavering support of our investors and global customer network.”
“We’re thrilled to have gathered a strong network of investors who recognize Ping’s early achievements, are confident in our growth potential, and actively support our vision and values, particularly in helping to support the growth of renewables.”
Minister for Innovation and Skills David Pisoni said: “The Marshall Government is backing South Australia’s expanding startup ecosystem through the Research, Commercialisation and Startup Fund, and it’s pleasing to see companies like Ping grow and develop cutting edge technology in our state’s renewable energy sector.
“This is another great example of the Marshall Liberal Government working with the private sector to drive economic activity by commercialising local research to grow jobs, and deliver innovative solutions.”
Alexandra Clunies Ross, VC Analyst, Artesian said, “we are very excited to work with the Ping team.
“Fault detection technology improves the efficiency and adoption of renewable energy. Ping’s device reduces unnecessary maintenance costs and can allow for further growth in renewables.”
Ping continues to develop and build a wide customer base in the USA and Australia, while discussing opportunities in Japan, France, India, the UK and Europe.
The startup is also expanding the application of the technology in mining and rail freight industries.
Ping would like to thank the following partners and advisors for their ongoing support: the South Australian Government, the Office of the South Australian Chief Entrepreneur, Stone & Chalk, The Innovation & Collaboration Centre – University of South Australia, eNVIsion Tonsley – Flinders University and LeapSheep.