VO2 Ventures Fund Invests PLN 1.5 Million in Warsaw-Based Startup Solar Spy

The venture capital fund VO2 Ventures has completed its first investment, acquiring shares in the Warsaw-based startup Solar Spy. As part of the first tranche, the fund invested PLN 1.5 million. The total value of the support over the next 12 months is expected to reach a minimum of PLN 3–4 million.

VO2 Ventures is backed by managing partners Andrzej Ziemiński, Marek Tarnowski, and Tomasz Wołynko. The leading individual investors were Maciej Duda and Maciej Zientara.

Solar Spy is a company that develops artificial intelligence-based solutions supporting the management of photovoltaic farms. Solar Spy’s solution is designed to facilitate the management of these installations.

“The photovoltaic market is entering a phase where the key is no longer just building new capacity, but above all, effectively managing existing assets. Solar Spy develops technology that realistically addresses these needs,” says Tomasz Wołynko, managing partner at VO2 Ventures.

The platform developed by the company enables production forecasting and remote management, fault detection, and communication via an AI chatbot. To date, the company has implemented projects for solar farms with a total capacity exceeding 4 GW, cooperating with installation owners and operators in Poland and foreign markets. Solar Spy’s technology has already been validated in 12 countries across 3 continents.

The investment from VO2 Ventures is intended to support further product development and scale the solution on the global market, particularly in the areas of advanced analytics and the AI layer.

VO2 Ventures Aims to Invest in Startups Entering Global Markets

In December 2025, VO2 Ventures was among the funds selected by PFR Ventures under the VC market development program, funded by the European Funds for a Modern Economy (FENG) budget.

VO2 Ventures focuses on investing in technology companies with global potential, operating in sectors such as SaaS, AI, cleantech, fintech, and IoT. The fund aims to invest in startups entering large global markets.

The fund’s capitalization stands at PLN 81.25 million, of which PLN 65 million is the contribution from PFR Ventures. A total of eight private investors have invested in the fund.