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Daily News Wrap-Up: MNRE Proposes Uniform Solar Cell Nomenclature

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MNRE Proposes Standardized Nomenclature for Solar Cells Under ALMM List II

India Can Build a Complete Solar Manufacturing Ecosystem Within Five Years: Interview

Ekoenergetyka, a manufacturer of EV chargers, has <a href="https://cms.mercomindia.com/ev-charger-maker-ekoenergetyka-secures-170-million-loan/" target="_blank" rel="noopener">secured</a> a loan of PLN 691 million (~$170 million) from Bank Pekao, which is the leader and agent of the consortium. The funding will provide the company with the opportunity for further development both in the area of international expansion across Europe and in the area of planned ambitious investments. Upon meeting certain conditions, the loan amount can also be increased up to PLN741 million (~$183 million).
Swift Solar, a company that designs and manufactures Perovskite-based photovoltaic cells, <a href="https://cms.mercomindia.com/swift-solar-raises-27-million-in-series-a-funding/" target="_blank" rel="noopener">raised</a> $27 million in a Series A funding round co-led by Eni Next, Eni’s corporate venture capital arm, and Fontinalis Partners, a mobility and deep tech VC firm that invests in startup companies. With this funding round, the company has raised a total of $44 million.
Gorilla, a clean energy provider of data-driven solutions, has <a href="https://www.gorilla.co/en" target="_blank" rel="noopener">closed</a> €23 million (~$25 million) in a Series B funding round led by global venture capital firm Headline, with existing investors including Beringea and the Flemish investment company PMV. Gorilla offers solutions for utility companies to help maximize efficiency, understand energy portfolios influenced by distributed energy resources such as solar panels, wind turbines, and battery storage, ensure operational stability, and develop pricing strategies based on individual usage patterns.
UNIGRID, a provider of sodium-based battery solutions, <a href="https://cms.mercomindia.com/sodium-ion-battery-startup-unigrid-secures-12-million/" target="_blank" rel="noopener">raised</a> $12 million in an oversubscribed Series A funding round. The round was co-led by Transition VC and Ritz Venture Capital and joined by new investor Union Square Ventures. Existing investor Foothill Ventures also participated in this round. The company stated that this investment would accelerate and scale up its battery production to a megawatt-scale to satisfy the customer demand for electric mobility and stationary storage markets.
Samara, a provider of solar and energy storage solutions for households, <a href="https://cms.mercomindia.com/solar-energy-startup-samara-closes-10-million-series-a-funding/" target="_blank" rel="noopener">secured</a> a €9 million (~$10 million) in Series A funding round. With this funding, the company plans to expand its services, develop new products, and reach larger market segments with its financing solutions. This round was led by Green Generation Fund and Move Energy, accompanied by impact funds Ring Capital and Athletico Ventures.
Princeton NuEnergy, a provider of battery recycling solutions, <a href="https://cms.mercomindia.com/princeton-nuenergy-closed-oversubscribed-funding/" target="_blank" rel="noopener">closed</a> $30 million in an oversubscribed Series A funding round with a strategic investment from Samsung Venture Investment Corporation, Samsung&#8217;s corporate venture arm, investing in breakthrough technologies across industries and from Helium-3 Ventures. The funding brings the total amount raised by the company to over $55 million, including multiple U.S. Department of Energy grants totaling $18 million and a $7.9 million seed and angel rounds.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://cms.mercomindia.com/funding-and-ma-roundup-vulcan-energy-resources-secures/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: EV Charger Manufacturer Ekoenergetyka Secures $170 Million

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-ev-charger-manufacturer-ekoenergetyka-secures-170-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Ekoenergetyka, a manufacturer of EV chargers, has <a href="https://mercomcapital.com/ev-charger-maker-ekoenergetyka-secures-170-million-loan/" target="_blank" rel="noopener">secured</a> a loan of PLN 691 million (~$170 million) from Bank Pekao, which is the leader and agent of the consortium. The funding will provide the company with the opportunity for further development both in the area of international expansion across Europe and in the area of planned ambitious investments. Upon meeting certain conditions, the loan amount can also be increased up to PLN741 million (~$183 million).
Swift Solar, a company that designs and manufactures Perovskite-based photovoltaic cells, <a href="https://mercomcapital.com/swift-solar-raises-27-million-in-series-a-funding/" target="_blank" rel="noopener">raised</a> $27 million in a Series A funding round co-led by Eni Next, Eni’s corporate venture capital arm, and Fontinalis Partners, a mobility and deep tech VC firm that invests in startup companies. With this funding round, the company has raised a total of $44 million.
Gorilla, a clean energy provider of data-driven solutions, has <a href="https://mercomcapital.com/energy-data-startup-gorilla-raises-25-million-in-series-b-funding/" target="_blank" rel="noopener">closed</a> €23 million (~$25 million) in a Series B funding round led by global venture capital firm Headline, with existing investors including Beringea and the Flemish investment company PMV. Gorilla offers solutions for utility companies to help maximize efficiency, understand energy portfolios influenced by distributed energy resources such as solar panels, wind turbines, and battery storage, ensure operational stability, and develop pricing strategies based on individual usage patterns.
UNIGRID, a provider of sodium-based battery solutions, <a href="https://mercomcapital.com/sodium-ion-battery-startup-unigrid-secures-12-million/" target="_blank" rel="noopener">raised</a> $12 million in an oversubscribed Series A funding round. The round was co-led by Transition VC and Ritz Venture Capital and joined by new investor Union Square Ventures. Existing investor Foothill Ventures also participated in this round. The company stated that this investment would accelerate and scale up its battery production to a megawatt-scale to satisfy the customer demand for electric mobility and stationary storage markets.
Samara, a provider of solar and energy storage solutions for households, <a href="https://mercomcapital.com/solar-energy-startup-samara-closes-10-million-series-a-funding/" target="_blank" rel="noopener">secured</a> a €9 million (~$10 million) in Series A funding round. With this funding, the company plans to expand its services, develop new products, and reach larger market segments with its financing solutions. This round was led by Green Generation Fund and Move Energy, accompanied by impact funds Ring Capital and Athletico Ventures.
Princeton NuEnergy, a provider of battery recycling solutions, <a href="https://mercomcapital.com/princeton-nuenergy-closed-oversubscribed-funding/" target="_blank" rel="noopener">closed</a> $30 million in an oversubscribed Series A funding round with a strategic investment from Samsung Venture Investment Corporation, Samsung&#8217;s corporate venture arm, investing in breakthrough technologies across industries and from Helium-3 Ventures. The funding brings the total amount raised by the company to over $55 million, including multiple U.S. Department of Energy grants totaling $18 million and a $7.9 million seed and angel rounds.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-vulcan-secures-44-millionhttps:/www.mercomindia.com/funding-and-ma-roundup-vulcan-secures-44-millionhttps:/www.mercomindia.com/funding-and-ma-roundup-vulcan-secures-44-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://pnecycle.com/" target="_blank" rel="noopener">Princeton NuEnergy (PNE)</a>, a lithium-ion battery recycling company, closed $30 million in an oversubscribed Series A funding round. Funding was secured from Samsung Venture Investment Corporation, Samsung&#8217;s corporate venture arm, and Helium-3 Ventures. Existing investors, such as Honda Motor, LKQ Corporation, SCG Group, Traxys Group, and Wistron Corporation, also participated in this round.
The deal follows the company&#8217;s $10.3 million funding round, which was <a href="https://cms.mercomindia.com/princeton-nuenergy-raises-additional-10-3-million-in-series-a-funding/" target="_blank" rel="noopener">raised</a> last month from SCGC, a subsidiary of SCG Group, Tech Council Ventures, and a subsidiary of LKQ Corporation. In total, the company has raised over $55 million, including multiple U.S. Department of Energy grants of $18 million and $7.9 million through seed and angel rounds.
The funds will support the construction of its first standalone, full-scale direct battery recycling manufacturing facility, which will be announced later this month.
PNE&#8217;s patented low-temperature plasma-assisted separation process (LPAS) produces battery-grade cathode and anode materials that can be directly reintroduced into cell manufacturing. The company claims that its technology can recover up to 95% of materials from all lithium-ion battery chemistries, reduce energy consumption by 70%, and lower costs by over 40%.
&#8220;The incredible interest in our Series A round, capped off by a strategic investment from Samsung Venture Investment Corporation and Helium-3 Ventures, speaks to the importance of supporting a circular economy for lithium battery manufacturing here in the U.S.,&#8221; said Dr. Chao Yan, PNE&#8217;s Co-Founder and CEO.
According to Mercom’s Q1 2024 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2024-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Report </a>for Storage &amp; Smart Grid, VC funding for Energy Storage companies increased by 9% YoY, with $1.2 billion in 23 deals in Q1 2024 compared to $1.1 billion raised in 19 deals in Q1 2023.
Cylib, a Germany-based battery recycling startup, last month <a href="https://cms.mercomindia.com/battery-recycling-startup-cylib-secures-60-million-series-a-funding/" target="_blank" rel="noopener">secured</a> €55 million (~$59.79 million) in a Series A funding round co-led by World Fund and Porsche Ventures. The round was joined by Bosch Ventures, DeepTech &amp; Climate Fonds, NRW.Venture, existing investors Vsquared Ventures, Speedinvest, 10x Founders, and established business angels.

Princeton NuEnergy Closed $30 Million in Oversubscribed Series A Funding

Matrix Renewables, a global renewable energy company, and Santander Corporate &amp; Investment Banking <a href="https://cms.mercomindia.com/matrix-renewables-secures-322-million-debt-financing/" target="_blank" rel="noopener">closed</a> a €300 million (~$322 million) corporate debt financing deal. Matrix secured this financing as Green and Sustainability-Linked, aligning it with the Green and Sustainability-Linked Loan Principles. The financing will allow Matrix to expedite the growth of its platform by allocating funds toward the construction of its advanced development portfolio.
TI Clean Mobility, a wholly owned subsidiary of Tube Investments of India, a Murugappa Group company, has <a href="https://www.mercomindia.com/gef-invests-%e2%82%b95-8-billion-ti-clean-mobility-%e2%82%b930-billion-ev" target="_blank" rel="noopener">raised</a> ₹5.8 billion (~$69.5 million) in equity and convertible preference shares from South Asia Growth Invest III LLC and South Asia EBT Trust III (collectively GEF Capital Partners). TICMPL had first ventured into last-mile mobility with an electric three-wheeler portfolio under the brand ‘Montra Electric.’
Li Industries, a battery recycling company, <a href="https://cms.mercomindia.com/li-industries-secures-series-b-funding-battery-recycling/" target="_blank" rel="noopener">secured</a> $36 million in Series B funding to advance lithium-ion battery recycling solutions. Bosch Ventures, Khosla Ventures, and LG Tech Ventures have co-led the round, with new investments from Formosa Smart Energy Tech Corp., Anglo American Decarbonization Ventures, and Chevron Technology Ventures. These new investors are joining existing backers, Shell Ventures and Myriad Ventures.
Relux Electric, an India-based electric vehicle (EV) charging infrastructure firm, has <a href="https://www.mercomindia.com/relux-funding-expand-hyper-ev-charging-south-india" target="_blank" rel="noopener">secured</a> ₹2.5 billion (~$29.93 million) in project financing from a group of real estate and infrastructure investors. The company plans to use the funds to expand its hyper-charging station network across the highways in South India. Relux Electric plans to install 20 new hyper-EV charging stations in the next eight months. The hypercharging stations can allow up to ten small to medium-sized cars, ten high-end cars, two buses, and one truck to charge simultaneously.
Electric mobility company GreenCell Mobility has <a href="https://www.mercomindia.com/greencell-mobility-secures-%e2%82%b93-billion" target="_blank" rel="noopener">secured</a> ₹3.07 billion (~$37 million) in green financing from Japan-based bank Sumitomo Mitsui Banking Corporation to deploy a fleet of 350 electric buses across eight cities in the state of Uttar Pradesh. The deal represents the first time a Japan-based bank has provided project financing for an electric mobility project in India, the company claimed.
Princeton NuEnergy, a lithium-ion battery recycling company, <a href="https://cms.mercomindia.com/princeton-nuenergy-raises-additional-10-3-million-in-series-a-funding/" target="_blank" rel="noopener">announced</a> an additional $10.3 million in Series A Funding. Last year, the company also raised $16 million in its Series A funding round, bringing its total funding to over $26 million. This additional funding will support the company in constructing an Advanced Black Mass and Cathode Manufacturing Center in the southeastern U.S.
Active Surfaces, a U.S.-based flexible solar panel startup, <a href="https://cms.mercomindia.com/flexible-solar-panel-startup-active-surfaces-secures-5-6-million/" target="_blank" rel="noopener">secured</a> $5.6 million in an oversubscribed pre-seed funding round. Safar Partners, a deep tech venture capital fund, led the funding round. Spun out of MIT, the company is developing lightweight, flexible solar panels can be integrated into virtually any surface, having applications from small consumer products to large commercial, office, and industrial buildings.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://cms.mercomindia.com/funding-and-ma-roundup-pine-gate-renewables-secures-funding/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Matrix Renewables Secures $322 Million Debt Funding

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-matrix-renewables-secures-debt-funding/" target="_blank" rel="noopener">Mercom Capital Group</a>
Matrix Renewables, a global renewable energy company, and Santander Corporate &amp; Investment Banking <a href="https://mercomcapital.com/matrix-renewables-secures-322-million-debt-financing/" target="_blank" rel="noopener">closed</a> a €300 million (~$322 million) corporate debt financing deal. Matrix secured this financing as Green and Sustainability-Linked, aligning it with the Green and Sustainability-Linked Loan Principles. The financing will allow Matrix to expedite the growth of its platform by allocating funds toward the construction of its advanced development portfolio.
TI Clean Mobility, a wholly-owned subsidiary of Tube Investments of India, a Murugappa Group company, has <a href="https://www.mercomindia.com/gef-invests-%e2%82%b95-8-billion-ti-clean-mobility-%e2%82%b930-billion-ev" target="_blank" rel="noopener">raised</a> ₹5.8 billion (~$69.5 million) in equity and convertible preference shares from South Asia Growth Invest III LLC and South Asia EBT Trust III (collectively GEF Capital Partners). TICMPL had first ventured into last-mile mobility with an electric three-wheeler portfolio under the brand ‘Montra Electric.’
Li Industries, a battery recycling company, <a href="https://mercomcapital.com/li-industries-secures-series-b-funding-battery-recycling/" target="_blank" rel="noopener">secured</a> $36 million in Series B funding to advance lithium-ion battery recycling solutions. Bosch Ventures, Khosla Ventures, and LG Tech Ventures have co-led the round, with new investments from Formosa Smart Energy Tech Corp., Anglo American Decarbonization Ventures, and Chevron Technology Ventures. These new investors are joining existing backers, Shell Ventures and Myriad Ventures.
Relux Electric, an India-based electric vehicle (EV) charging infrastructure firm, has <a href="https://www.mercomindia.com/relux-funding-expand-hyper-ev-charging-south-india" target="_blank" rel="noopener">secured</a> ₹2.5 billion (~$29.93 million) in project financing from a group of real estate and infrastructure investors. The company plans to use the funds to expand its hyper-charging station network across the highways in South India. Relux Electric plans to install 20 new hyper-EV charging stations in the next eight months. The hypercharging stations can allow up to ten small to medium-sized cars, ten high-end cars, two buses, and one truck to charge simultaneously.
Electric mobility company GreenCell Mobility has <a href="https://www.mercomindia.com/greencell-mobility-secures-%e2%82%b93-billion" target="_blank" rel="noopener">secured</a> ₹3.07 billion (~$37 million) in green financing from Japan-based bank Sumitomo Mitsui Banking Corporation to deploy a fleet of 350 electric buses across eight cities in the state of Uttar Pradesh. The deal represents the first time a Japan-based bank has provided project financing for an electric mobility project in India, the company claimed.
Princeton NuEnergy, a lithium-ion battery recycling company, <a href="https://mercomcapital.com/princeton-nuenergy-raises-additional-10-3-million-in-series-a-funding/" target="_blank" rel="noopener">announced</a> an additional $10.3 million in Series A Funding. Last year, the company also raised $16 million in its Series A funding round, bringing its total funding to over $26 million. This additional funding will support the company in constructing an Advanced Black Mass and Cathode Manufacturing Center in the southeastern U.S.
Active Surfaces, a U.S.-based flexible solar panel startup, <a href="https://mercomcapital.com/flexible-solar-panel-startup-active-surfaces-secures-5-6-million/" target="_blank" rel="noopener">secured</a> $5.6 million in an oversubscribed pre-seed funding round. Safar Partners, a deep tech venture capital fund, led the funding round. Spun out of MIT, the company is developing lightweight, flexible solar panels can be integrated into virtually any surface, having applications from small consumer products to large commercial, office, and industrial buildings.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-scout-clean-energy-100-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://pnecycle.com/" target="_blank" rel="noopener">Princeton NuEnergy (PNE)</a>, a lithium-ion battery recycling company, announced an additional $10.3 million in Series A Funding. Last year, the company also <a href="https://cms.mercomindia.com/princeton-nuenergy-raises-series-a-funding/" target="_blank" rel="noopener">raised</a> $16 million in its Series A funding round, bringing its total funding to over $26 million.
Investors who participated in the round included SCGC, a subsidiary of SCG Group, Tech Council Ventures, and a subsidiary of LKQ Corporation. This additional funding will support the company in constructing an Advanced Black Mass and Cathode Manufacturing Center in the southeastern U.S.
&#8220;PNE&#8217;s Cathode-to-Cathode technology is reshaping the landscape of critical material reclamation, driving down costs while making a significant impact on the sustainability of battery recycling. This groundbreaking process not only reduces carbon emissions and energy consumption but also establishes a sustainable model for battery recycling,&#8221; stated PNE Co-Founder and CEO Dr. Chao Yan.
The company&#8217;s technology is a low-temperature plasma-assisted separation process (LPAS), a patented technology that claims to reduce costs, environmental waste, and carbon emissions commonly associated with lithium-ion battery recycling.
In addition to the Series A funding, the company, in 2022, raised $7 million in a seed round led by Wistron Corporation, an electronics manufacturer based in Taiwan, and Shell Ventures. PNE also secured multiple U.S. Department of Energy (DOE) grants for battery recycling research, which totaled up to $18 million.
According to Mercom&#8217;s Q1 2024 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2024-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Report</a> for Storage &amp; Smart Grid, VC funding for Energy Storage companies increased by 9% YoY, with $1.2 billion in 23 deals in Q1 2024 compared to $1.1 billion raised in 19 deals in Q1 2023.
Recently, Li Industries, a battery recycling company, <a href="https://cms.mercomindia.com/li-industries-secures-series-b-funding-battery-recycling/" target="_blank" rel="noopener">secured</a> $36 million in Series B funding to advance lithium-ion battery recycling solutions. Bosch Ventures, Khosla Ventures, and LG Tech Ventures have co-led the round, with new investments from Formosa Smart Energy Tech Corp., Anglo American Decarbonization Ventures, and Chevron Technology Ventures.

Princeton NuEnergy Raises Additional $10.3 Million in Series A Funding

<a href="https://pnecycle.com/" target="_blank" rel="noopener">Princeton NuEnergy</a> (PNE), a lithium-ion battery recycling company, announced the initial closing of its Series A funding round, raising $16 million. The round was led by Wistron Corporation, with participation from new investors, including Honda Motor, GS Futures, and Traxys North America, along with previous investors, including Greenland Technologies, Shell Ventures, and WorldQuant Ventures.
The company plans to use the funding for new recycling facility construction and equipment procurement to further increase processing capacity and support operations.
&#8220;As the world navigates the challenges of sustainable energy and responsible technology disposal, PNE remains dedicated to driving innovative solutions that have a positive impact,&#8221; stated PNE Founder and CEO Dr. Chao Yan. &#8220;This Series A funding round represents a major step towards realizing our vision of a cleaner, greener future through cutting-edge lithium-ion battery recycling technology.&#8221;
&#8220;Princeton NuEnergy has an innovative concept and technologies for lithium-ion battery recycling, and Honda has high expectations for their future potential. The plasma-based direct recycling technology will enable the sustainability of the EV battery supply chain and, as Honda strives to achieve 100% use of sustainable materials by 2050,&#8221; said Manabu Ozawa, Managing Executive Officer of Honda Motor Co.
The company has previously raised $7 million in a seed round along with multiple research grants for battery recycling from the U.S. Department of Energy, most recently for $12 million and $4.4 million.
According to Mercom&#8217;s 9M And Q3 2023 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-q3-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Report </a>for Storage &amp; Smart Grid, VC funding for battery recycling companies totaled $1.6 billion in Q3 2023 compared to $1 million raised in two deals in Q2 2023. The report also highlighted that the Energy Storage market received $8.6 billion from 68 VC deals in 9M 2023, which is a 115% rise from the same period in 2022, with $4 billion from 74 deals.
Recently, Circu Li-ion, a battery recycling startup, raised €8.5 million (~$9 million) in seed funding. The funding includes €4.5 million (~$4.8 million) in equity, which was led by BonVenture, and additional backing from an undisclosed investor.

Princeton NuEnergy Raises $16 Million Series A Funding

<a href="https://pnecycle.com/" target="_blank" rel="noopener">Princeton NuEnergy</a>, a clean-tech startup company spun out from Princeton University and focused on directly recycling lithium-ion batteries from electric vehicles and consumer electronics, raised $7 million in a seed funding round.
Wistron Corporation, an electronics manufacturer based in Taiwan, led the funding round with Shell Ventures, Greenland Technologies, CleanTech Open, AIBasis Fund, WorldQuant Ventures, and the angel investors.
“The capital, knowledge, and network our investors bring to PNE will enable a full-scale development of the company and accelerate our production line development,&#8221; said Dr. Yan Chao, CEO, and Co-founder of Princeton NuEnergy.
The company’s patented LPAS (low-temperature plasma-assisted separation) direct recycling process can recover up to 95% of all constituent materials found in all chemistries and formats of lithium-ion batteries. According to the company, it can reduce CO2 emission, energy consumption, and water usage and not produce any landfill waste.
Last week, Group14 Technologies, a developer of materials that enhance the output of lithium-silicon batteries, <a href="https://cms.mercomindia.com/group14-technologies-raises-series-c-funding/" target="_blank" rel="noopener">raised</a> $400 million in Series C funding. Porsche AG led the round with OMERS Capital Markets, Decarbonization Partners, Riverstone, Vsquared Ventures, Moore Strategic Ventures, and other institutional investors. Group14 said the new funds would enable the company to begin constructing its second plant in the U.S.
According to Mercom’s Q1 2022 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2022-funding-and-ma-report-for-storage-grid-efficiency" target="_blank" rel="noopener">Report</a> for Storage, Grid &amp; Efficiency, total corporate funding (including VC, Debt, and Public Market Financing) in Battery Energy Storage came to $12.9 billion in 26 deals compared to $4 billion in 27 deals in Q4 2021. Funding increased significantly year-over-year compared to $4.7 billion in 18 deals in Q1 2021.

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