This week, Australian tech startup, Ping Services, announced it has raised a $1.3 million Seed funding round to accelerate growth and scale up manufacturing of Ping Monitor, which is says is a world-first device that can detect wind turbine blade damage.
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 Commercialization Grant and South Australian Government Research, Commercialization and Startup Fund.
Ping Monitor 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 has its head office, wind power accounts for 34% of electricity production and represents 35% 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.
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.
Alexandra Clunies Ross, VC Analyst, Artesian said, “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 is developing a customer base in the USA and Australia, while discussing opportunities in Japan, France, India, the UK and Europe.