2023 has been the most successful year of the Lithuanian startup Inion Software. The company's sales of innovative solar power plant monitoring and storage management solutions reached a value of more than double that of in 2022 – exceeding the 1 million EUR mark.
Five years of consistent work has helped the company make a tangible profit and establish itself in foreign markets.
"The renewables market has been dynamic and competitive for several years. It has only given customers a wider choice of products, while encouraging companies to develop and find the most efficient solutions. We are pleased at how our products are appreciated not only in Lithuania. Last year, we entered into a cooperation with Latvian and Romanian solar park operators, entered Sweden, and rapidly increased our sales in Spain. These results prove that, with the right attitude and a quality product, we really can contribute to the systematic development of renewable energy in Europe", said Dr. Saruna Stanaitis, CEO of Inion Software.
The company grew from a team of 11 to 20 professionals over the course of last year, and in 2024 it plans to continue its expansion in 2024 in Lithuania and abroad. As proclaimed by Dr. Stanaitis, the plan is to strengthen the company's position in neighbouring Poland, where an Inion Software consultant/salesperson has already started engaging in their work for the company.
To promote its development, Inion Software has attracted investments from venture capital funds Contrarian Ventures and CoInvest Capital. Accelerator 70 Ventures has also invested in the company's success.
Artificial intelligence helps customers
Inion Software, which started up five years ago, entered the market with an offer of equipment allowing for more efficient use of solar energy. The startup offers a solar power plant monitoring platform that allows for remote analysis of the performance of solar power plants. This Lithuanian company has also launched intelligent battery management systems that make use of artificial intelligence algorithms to predict and select the most efficient scenarios for charging batteries and selling electricity to customers.
"In recent years, everyone has seen how changes in the electricity market can significantly impact household finances and business costs. It was basically inevitable that it would make more people want to generate their own electricity and make the most of it. And this is exactly what our artificial intelligence portfolio is helping to bring about; to include forecasting how a power plant will operate over a period of a few days, and how much energy it will store. It can also recommend at what points one should buy the cheapest electricity available from the grid and store it, and exactly when to sell the most expensive electricity at a later time,” notes Dr. Š. Stanaitis.
One of the country's most innovative startups
Inion Software's success has not gone unnoticed. Inion Software was nominated in the Tech for Good category of the Vilnius TechFusion Startup Awards 23.
This category recognises startups that use innovation to bring about a positive impact on the environment and promote more sustainable living. The people behind these Awards announce a goal of making Vilnius a climate-neutral city by 2050, and its Tech for Good nomination bestowed on a company is a strong testimony that it has the potential and the right tools and skills.
In the Tech for Good category of the Startup Awards, Inion Software was one of a number of companies that included Viezo, Dancer, PVcase and Inbalance Grid.