Boston-based Monalee, a climate-technology startup focused on accelerating adoption of home solar, storage and EV charging, has secured a $10 million financing facility from St. Petersburg, Fla.-based Applied Real Intelligence.
So far, Monalee has raised over $13 million in equity capital, with backers including The Pags Group led by Boston Celtics owner Steve Pagliuca, Miami Beach, Fla.-based Palm Tree Crew, Ludlow Ventures, Shrug VC, Coalition Operators, and Plug and Play Ventures.
Founded by former Tesla sales executive Walid Halty, Monalee uses AI and other software to digitize the process of solar installation and extract significant savings.
“Monalee’s platform is a game-changer for the sustainable energy industry,” said Zack Ellison, A.R.I.’s founder and managing general partner. “Their innovative customer-centric approach is setting a new standard by combining AI, proprietary data, and operational excellence to create sustainable value for their buyers, installers, and the environment.”
“Partnering with A.R.I. has been crucial in scaling our platform and delivering on our vision,” said Halty, Monalee’s CEO, who dropped out of business school to become an entrepreneur. “Their strategic expertise is instrumental in helping us accelerate the energy transition.” Halty’s first venture, Colossus, was acquired by solar marketplace PX.com.
Halty says most things in solar are still done offline, and “there isn’t sophisticated software or tech leaders who are digitizing the process.” This, he said in a blog post, causes “soft” costs to be about 75% of the total. Monalee’s proprietary AI software, called Artemis, lets “us cut out the middlemen – salespeople and system designers – and pass the savings directly to homeowners,” according to Halty.
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According to Monalee, Artemis helps solar installers and energy providers generate precise 3D solar designs in under 10 seconds, provide financing comparisons, and streamline the entire fulfillment process. This helps reduce project timelines from weeks to minutes and slash costs by up to 50%. Today, the company has operations in 26 U.S. states, with over 100% year-over-year growth.
A.R.I. said its investment in Monalee builds on its momentum from three recently announced deals — Lights Out Sports, founded by NFL legend Shawne Merriman; InnoVen Services; and Civitech.
Charles Charpentier and Troutman Pepper Locke served as legal counsel to A.R.I. on the transaction.