Press release
Growth Factory Ventures' Early AI Investment in OnSight Technology Leads to Nextracker Acquisition and Solar Robotics Expansion
AI-powered robotics are transforming how solar farms stay safe, efficient, and resilient.
As the first institutional investor in OnSight, Growth Factory Ventures provided the early capital and strategic support that enabled the startup to develop and validate its AI-driven robotic inspection and fire detection systems for solar power plants. That backing proved critical in helping OnSight secure traction, build technical credibility, and ultimately attract a major acquisition as part of Nextracker's $40 million expansion into AI and robotics.
"Our mission has always been to bet early on bold founders tackling hard problems," said Rick Spencer, General Partner at Growth Factory Ventures. "OnSight's vision to apply AI and robotics to the solar industry was risky and game-changing. Early capital and belief made this outcome possible, and we're proud to have been part of the journey that led to this acquisition."
"Growth Factory was the first to see potential in our vision when it was still just an idea on the whiteboard," said Derek Chase, Founder of OnSight Technology. "Their early backing not only gave us the resources to move forward but also the validation we needed to attract partners and customers. We wouldn't be here without their belief in us from the start."
The OnSight acquisition strengthens Nextracker's end-to-end solar technology platform by bringing predictive diagnostics and real-time robotics to utility-scale projects worldwide. The deal comes at a moment when AI adoption is accelerating across industries. Amazon alone is investing more than $200 billion into AI for logistics and manufacturing, while analysts note that 25% of open jobs today already require AI skills.
"This acquisition reflects a larger shift we're seeing in the economy," Spencer added. "Companies that can embed AI to improve productivity and resilience are emerging as leaders, whether in solar, finance, or healthcare. Venture capital's role is to find these founders early and give them the support they need to shape the future."
Growth Factory Ventures, which has invested in more than 70 startups since launching its first fund in 2021, continues to double down on founders leveraging AI to drive innovation in sectors from clean energy to life sciences.
Growth Factory Ventures
4465 Granite Dr.
Rocklin, CA 95677
Kayla Scott
MarketSharePR
Kayla@marketsharepr.com
916.600.1335
970 Reserve Drive, Suite 100
Roseville, CA 95678
About Growth Factory Ventures
Growth Factory Ventures is an early-stage venture capital firm and venture studio redefining how startups are built and funded. Led by General Partners Rick Spencer, Ali Macknai, and Mark Haney, the firm applies a proprietary Venture Science methodology-a data-driven framework that combines rapid ideation, rigorous validation, and disciplined scaling-to de-risk venture creation and accelerate time-to-market. Growth Factory Ventures invests directly in high-potential startups and also launches new ventures in-house. With a focus on AI-first companies, real-world problem solving, and regional economic impact, Growth Factory Ventures is not just investing in the future-it's engineering it. Learn more at www.growthfactory.vc
About Nextracker
Nextracker (Nasdaq: NXT) is a leading provider of intelligent solar tracker and software solutions used in utility-scale and distributed generation solar power plants around the world. Its technology platform includes hardware, software, and analytics that optimize solar panel performance, streamline construction, and increase long-term energy yield. With systems operating in over 40 countries, Nextracker is committed to accelerating the transition to clean, renewable energy. For more information, visit www.nextracker.com.
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