Early Stage




Raised to Date: Raised: $1,000

Total Commitments ($USD)



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Series A

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RegCF    Open SEC Filing

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Year Founded



Energy, Power, & Natural Resources

Tech Sector


Distribution Model




Capital Intensity



Redwood City, California

Business Type


SolarGaps, with a valuation of $15 million, is raising funds on PicMii. The company makes smart solar blinds that generate energy from the sun, convert the energy, and send it to the grid. The energy generated using SolarGaps can power different home appliances and help in decreasing energy consumption. SolarGaps has over 20 distributors and more than 300 large installations. The business has also won global awards from SVIEF, TechTour, Amazon, Katerva, Bank of Reconstruction and Development, and The Smarter E. Eugene Erik and Andrew Koval founded SolarGaps in August 2016. The current crowdfunding campaign has a minimum target of $10,000 and a maximum target of $512,000. The campaign proceeds will be used for marketing and research and development.

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Financials as of: 10/05/2023
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Raise History

Offering Name Close Date Platform Valuation/Cap Total Raised Security Type Status Reg Type
SolarGaps 04/01/2024 PicMii $15,000,000 $1,000 SAFE Active RegCF
SolarGaps 02/26/2023 StartEngine $15,030,000 $105,036 Equity - Common Funded RegCF
SolarGaps 04/30/2022 Wefunder $13,000,000 $1,034,138 SAFE Funded RegCF
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Analyst Report



The energy sector is undergoing a significant transformation as it moves away from fossil fuels and towards renewable energy sources. Solar energy, in particular, has emerged as a popular choice due to its environmental friendliness, cost-effectiveness, and abundant availability. However, one of the challenges solar energy adoption faces is the space required for installing solar panels. This is where SolarGaps comes into the picture.

SolarGaps has developed the world's first external smart window blinds with built-in solar panels. These blinds automatically track the sun, generating energy while keeping the building cool. They utilize vertical space, blocking heat from entering the windows and reducing air conditioning usage. The energy generated by SolarGaps can be used to power various home appliances, potentially decreasing overall energy consumption.

Since its inception, SolarGaps has made significant strides in its business. The company has over 20 distributors and more than 300 large installations. It has also been recognized for its innovative solution, winning global awards from SVIEF, TechTour, Amazon, Katerva, Bank of Reconstruction and Development, and The Smarter E.

Next Section: Price


SolarGaps is raising funds on PicMii through SAFE at a valuation cap of $15 million. The valuation appears fair if the company reaches its projections. SolarGaps anticipates generating $1.5 million in revenues in 2023, implying a 10x revenue-to-investment multiple. However, this revenue has yet to be achieved. SolarGaps generated less than $20,000 last year and hasn't communicated its 2023 revenue-to-date yet.

Next Section: Market


SolarGaps operates in the US solar panels market, which has grown significantly over the past decade due to increasing awareness about sustainable energy sources and reducing solar panel costs. According to IBISWorld, the US solar power industry was worth $17.2 billion in 2021, with an annual growth rate of 20.5%. The company's intelligent solar blinds product fits this market as a unique, innovative solution to harness solar energy.

The broad target market of SolarGaps, combined with the increasing emphasis on renewable energy sources globally, provides a favorable backdrop for the company's growth. The company's solar blinds can attract homeowners and businesses interested in increasing their sustainability efforts and reducing energy costs. Furthermore, the company's B2B and B2C distribution model allows it to tap into a wide range of customers.

While the solar power market is competitive overall, SolarGaps appears to have carved out a niche with its unique product offering. It doesn't face substantial competition in the intelligent solar blinds market. This lack of direct competition could allow SolarGaps to establish itself as a market leader in this niche sector. However, like any first-comer, SolarGaps must educate customers about its product, which may imply adoption risk and a relatively low demand.

Next Section: Team


SolarGaps was founded by CEO Eugene Erik and CTO Andrew Koval. Erik has over eight years of relevant industry experience and is responsible for leading the company. He has a strong background in entrepreneurship and management. On the other hand, Koval has seven years of relevant industry experience and is the technical expert for SolarGaps. Both founders are dedicated to the company's success and have been actively involved in its growth.

The SolarGaps team consists of 12 members focused on various aspects of the business, including research and development, marketing, and operations. While the team has not experienced significant growth since the last funding round, they have achieved notable milestones.

Next Section: Differentiation


SolarGaps has positioned itself as a pioneer in the energy efficiency and sustainability market with its innovative product offering: smart solar blinds. These blinds have built-in solar panels that automatically track the sun, generating energy while keeping buildings cool. SolarGaps blinds reduce the need for air conditioning and decrease overall energy consumption by utilizing vertical space and blocking heat from entering through windows. This unique solution sets SolarGaps apart from traditional solar panels and other energy-saving technologies.

SolarGaps doesn't face any direct competitors. This is great as it will attract curiosity and media coverage as a firstcomer. The company could become the leader in the field. On the contrary, it will also have to make more efforts to generate demand and create a market.


Next Section: Performance


SolarGaps, a leader in the energy efficiency and sustainability market, has shown promising performance in recent years. The company's main customer segments include private houses/apartments, office centers, municipal facilities, infrastructure (airports, rail stations, river and sea ports), and retail. Office centers and municipal facilities comprise 52% of SolarGaps' customer base, indicating a strong presence in these sectors. SolarGaps empowers customers to make positive changes for their businesses and the environment by offering transformative energy efficiency solutions.

In terms of revenue, SolarGaps didn't pass the $20,000 bar in the last two years. But it anticipates generating $1.5 million in 2023. This would be a piece of good news for investors. With over 20 distributors and more than 300 large installations since its inception, SolarGaps demonstrated that there is demand in the market.

SolarGaps has received recognition for its innovative solutions, winning global awards from SVIEF, TechTour, Amazon, Katerva, Bank of Reconstruction and Development, and The Smarter E. These accolades highlight the company's commitment to technological advancement and sustainability.

While SolarGaps may generate impressive growth in its revenue in 2023, user base, and customer installations, it is important to note that the company is still in the early stages of development. The team has not experienced significant growth since the last funding round, and there has been no progress in product development.

Next Section: Risk


SolarGaps is growing and needs time to scale its production and sales. The company's financials show an annual revenue of $17,427 with negative net income, indicating that it may take time for SolarGaps to become profitable. Additionally, a monthly burn rate of $43,667.92 suggests that the company may require additional funding in the future.

While SolarGaps has demonstrated market acceptance, it operates in an industry that is not highly competitive. This lack of direct competition may be a potential risk, as it could indicate a lack of market demand or potential challenges in reaching a more extensive customer base. Investors should also be aware that the company is currently valued at $15 million, which may be considered overvalued compared to its current financial performance.

Overall, SolarGaps presents an opportunity to invest in a promising company with innovative technology and market acceptance. However, investors should carefully evaluate the company's financials, scalability, and competition to make an informed investment decision.

Next Section: Bullish Outlook

Bullish Outlook

SolarGaps has carved out a unique and innovative niche in the renewable energy market with its smart solar blinds. The company's technology offers a practical solution to generate clean energy from the sun while providing shade and reducing cooling costs. With over 300 large installations and a strong network of distributors, SolarGaps has demonstrated market acceptance and traction.

The potential for SolarGaps is significant, as it taps into the growing demand for sustainable energy solutions. The company has received recognition and accolades from prestigious organizations such as SVIEF, TechTour, and Amazon, further validating the quality and impact of its product. The ability to generate energy from windows, a previously underutilized space, differentiates SolarGaps from traditional solar panel installations and positions it as a leader.

Furthermore, SolarGaps has a clear addressable market in the US solar panel industry. The potential for widespread adoption of its smart solar blinds is high, given the increasing focus on environmental sustainability and the need for energy-efficient solutions. The company's partnerships and distribution channels provide a strong foundation for growth and market penetration.

While SolarGaps is currently in the early stages of development and has yet to reach profitability, its revenue growth has shown promise. The company's ability to secure awards and recognition highlights its potential for success in the market.

Next Section: Bearish Outlook

Bearish Outlook

SolarGaps, while operating in the promising renewable energy industry, faces significant challenges that raise concerns about its long-term viability. Despite its innovative product offering of smart solar blinds, the company's financial performance raises red flags. With an annual revenue of just $17,427 and a negative net income of $524,015 in 2022, SolarGaps is struggling to generate meaningful profits. Additionally, the company's low margin level further highlights its difficulty in achieving profitability.

Furthermore, SolarGaps is overvalued, with a valuation of $15 million. Considering the company's limited revenue and negative net income, this valuation seems inflated. Investors should be cautious about investing in a company already valued at a relatively high level but have yet to demonstrate sustainable growth and profitability.

While SolarGaps has won global awards and secured partnerships, it is important to note that the competitive landscape in the energy industry is not competitive. This lack of competition may indicate a lack of market demand or potential barriers to entry that prevent other players from entering the market. As a result, SolarGaps may struggle to capture a significant market share and generate substantial revenue.

Next Section: Executive Summary

Executive Summary

SolarGaps is a unique energy solution provider that has developed smart solar blinds. These blinds, equipped with built-in solar panels, automatically track the sun, generate energy, and reduce air conditioning usage by blocking heat. The energy generated can power various home appliances, contributing to a decrease in overall energy consumption. This innovative approach taps into the abundant vertical space of buildings, making it a transformative solution in the energy efficiency and sustainability market.

The company has managed to secure over 20 distributors and has implemented more than 300 large installations. It caters to a diverse customer base, including private houses, apartments, office centers, municipal facilities, and retail establishments. This wide reach has positioned SolarGaps at the forefront of the energy efficiency market.

Despite its innovative product and market potential, SolarGaps faces financial challenges. The company's revenue stabilized at less than $20,000 in 2021 and 2022. Given its financial performance, it also appears overvalued at its current $15 million valuation. However, the company anticipates substantial revenue growth in 2023, projecting $1.5 million in revenues.


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SolarGaps on PicMii 2023
Platform: PicMii
Security Type: SAFE
Valuation: $15,000,000

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