Mr. Ronny Izhak is a power electronics expert. His technical knowledge focuses on Inverters design, PV solar large fields design, and optimizing with particular attention to energy reclaim to allow maximization of power yield, PV solar electronic appliances development, PV Solar special designs, etc. As a chief engineer of the Israeli innovative Watts & More, Mr. Izhak was a pioneer in the solar optimizers and balancers market for large-scale PV and concentrated photovoltaics (CPV) plants.
He has several years of experience with problem-solving and problem preventing design for large PV plants in Europe, mainly in the well-known Italian and Spanish PV markets. Before Synvertec, he was Power Engineer of Essence-Solar, an Israeli start-up. Mr. Izhak holds a B.Sc. degree from Israeli Holon Institute of Technology (HIT) with power electronics expertise and an MBA degree from Israeli Bar- Ilan University with finance expertise. Hebrew and English are his mother, tongues. He is also a Spanish speaker.
In an exclusive interview with AsiaTechDaily, Ronny says:
Run a marathon and not sprint.
Deeply understand market dynamics and respective value chains so you can determine your budget and time table correctly. I would also advise you to avoid having the best product too early or not having a solid market recognition. At the same time, it is critical to have a solid budget planning to secure the required funds to deliver the product.
For me, identifying and engaging multiple investors was the biggest challenge. It is a long and challenging process that must be executed with extreme professionalism. You only have one shot at making a strong positive first impression and sparking interest. I would recommend diligent prior planning and learning regarding defining the relevant investor criteria, and the different ways to identify and approach the right investors for your startup.
Read on to know more about Ronny Izhak and his journey.
Please tell me about your personal background, and What motivated you to get started with your company?
Ronny Izhak: I grew up in a family of entrepreneurs. My dad was a software engineer who founded an enterprise software solution. I remember having long discussions with him about product strategy and development. At the same time, I was always interested in how modern life-style affected the environment and was active in various environmental organizations. It seems natural that I ended up working on a control algorithm software that is intended to facilitate 100% renewable energy generation.
What is your current main product, and can you share any previous product pivot story to the current product?
Ronny Izhak: Synvertec has developed a patented and proprietary control algorithm software that can be integrated with almost any power electronic inverter, thus transforming it into a SynchronverterTM. This intelligent inverter mimics the operations of a traditional synchronous generator. A non-synchronous renewable or distributed energy facility with a SynchronverterTM will enhance grid stability by providing synthetic inertia, voltage support with reactive power, and frequency support with active power. Integrating Synvertec’s solution with electronic inverters will revolutionize electrical grid stability and robustness, thus intensifying the penetration of renewables, including Wind, Solar PV, Electric Battery Storage, and EV2Grid.
How much money have you raised in total so far? When was the recent funding round?
Ronny Izhak: Our recent funding round was Round A. Total Funds Raised to Date ~USD 5M.
How have you attracted users, and with what strategy have you grown your company from the start to now?
Ronny Izhak: Synvertec identified the target customers within the eco-system, namely Inverter Manufacturers (Partners), Project Developers (End Users), and Grid Operators/Utilities (Solution Facilitators & Beneficiaries/Problem Owners). We use the following channels to reach the leading players: distributors and agents; consulting services by energy market and regulation experts; purchase professional market reports and target relevant companies; exhibiting and participation in industry conferences; participating in and member of professional, regulation and standards working groups, including the IEEE.
Vis-à-vis Inverter Manufacturers, Synvertec aims to integrate its control algorithm software into the inverter’s CPU. This is a relatively quick and easy software integration process done without any inverter hardware design changes.
What were the internal decision processes in determining when to begin fundraising, and what were the logistics for this? And how many investors have you met so far, and how did you meet these investors and which channels worked best for you?
Ronny Izhak: We prepared a fundraising plan which organized all equity fundraising activities over a certain period, including dates and strategies, names of potential investors and corporate VCs, special investors’ events to attend, and full investment deck, among other activities. We met with over 10 investors (VCs and CVCs), which we identified and approached earlier. Personal connections and professional recommendations and references worked best for us to engage the right investors for Synvertec.
What are the biggest challenges and obstacles that you have faced in the process of fundraising? If you had to start over, what would you do differently?
Ronny Izhak: For me, identifying and engaging multiple investors was the biggest challenge. It is a long and challenging process that must be executed with extreme professionalism. You only have one shot at making a strong positive first impression and sparking interest. I would recommend diligent prior planning and learning regarding defining the relevant investor criteria, and the different ways to identify and approach the right investors for your startup.
What are your milestones for the next round? And what are your goals for the future?
Ronny Izhak: Synvertec is raising is 2nd funding round (Round B) in the total amount of USD 3M. We intend to complete the finding by the end of Q4 2020. With the new Funding, Synvertec will further develop its product offering and expand its partnership network with OEMs. Specifically, we intend to execute several software integration processes with different inverter manufacturers. Then, we plan to demonstrate our product’s capabilities in a real-time commercial environment. Once we have concluded the demonstration and software integration process, we will start selling our product commercially.
How do you plan to expand globally?
Ronny Izhak: Synvertec partners with global OEMs and utilizes their marketing channels, in conjunction with directly engaging renewable energy project owners and developers and utilities and electric system operators, to drive faster adoption of our technology.
What are the most common mistakes companies make with global expansion?
Ronny Izhak: Not fully understand the customers’ challenges, needs, and goals and how they vary across different geographies.
How do you handle this COVID-19 outbreak situation for your company’s survival in the future?
Ronny Izhak: It was clear to us that we must continue moving forward, even in this challenging environment. To do so, we mapped the various commercial and technical processes that we on-going and ranked them according to their priority. Then, for each process, we outlined a specific action plan with activities aimed to mitigate the effect of COVID-19. For example, we’ve increased communication frequency to maintain in close contact with partners abroad. We also coordinated and executed commercial & technical processes with partners via online platforms instead of face-to-face meetings. This approach turned out to be a success for us.
What are the most common mistakes founders make when they start a company?
Ronny Izhak: Not fully understand the market need and how your solution can commercially accommodate it.
What’s the best advice you’ve ever received? And What advice do you have for someone interested in doing similar things like yours or in a similar direction?
Ronny Izhak: Run a marathon and not sprint.
Deeply understand market dynamics and respective value chains so you can determine your budget and time table correctly. I would also advise you to avoid having the best product too early or not having a solid market recognition. At the same time, it is critical to have a solid budget planning to secure the required funds to deliver the product.
What are the top-three books or movies (TV series) that changed your life and why?
Ronny Izhak: Rich Dad Poor Dad, Forrest Gump, Shawshank Redemption. These changed the way I look at life in general and my journey specifically, both from a practical point of view and from a more philosophical one. I feel truly fortunate to have the opportunity to pursue my aspirations and dreams and feel obligated to do so, and do not take anything about life for granted.
How do you keep yourself motivated every day?
Ronny Izhak: Keep my eyes on the target while being present in the moment.
What are the one or two things that you would do differently to improve your life if you could go back to 10 years ago?
Ronny Izhak: Work-out at least 3 times a week.
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