Romanian software provider for power and gas industry to win CEE Startup Challenge 2020

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Ringhel, a Romanian software provider for power and gas industry ranked 1st at the 5th edition of CEE Startup Challenge, a competition organized by Vestbee.com, an international platform connecting Investors and corporates with outstanding CEE startups.

Selected from hundreds of applicants from Central & Eastern Europe and DACH (Germany, Austria and Switzerland), Ringhel won the Best Impact Startup award category.

Mihai Darzan, CEO Ringhel said: I am grateful and humble for gaining this recognition, amongst 900 companies from across Europe. This shows that our efforts are heading in the right direction and we are taking all the necessary steps towards our aim of changing the way software is created and delivered worldwide.”

Launched in 2014, Ringhel startup has been increasing the digitalization level of power and gas companies by delivering out-of-the-box ERP & CRM software helping them manage their business flows end-to-end, using automation-based processes. The software is conceived in such a way that allows power and gas companies to easily adapt to new market or regulation requirements, helping companies manage business 360 degrees, from end to end, making business processes automatic and avoiding human intervention and error as much as possible.

In the recent years, Ringhel platform has received several awards and distinctions for its customized Power and Gas business innovative solutions. Last year, the software company won the Startup Europe Summit pitching competition, and this year, Ringhel was nominated “Technology Provider of the year” for the Romanian energy market.

EUR 7 M estimated value for Ringhel platform

Currently, the Ringhel company is estimated at about 7 million euros, having the potential to rapidly increase its value by the launching of PROCESIO, the latest technology developed by the same software company.

PROCESIO is designed as a Saas No-Code platform for the employees without any programming skills, allowing them to assemble ready-made software components, to create new applications which enable them streamline individual activity, at the department or organization level. In this way, companies can rapidly adjust to market changes, at lower costs, using their existing business personnel and taking into account the security constraints and IT policies.

The low-code/no-code system according to which PROCESIO is performing its operations, represents not only the new outlook of  RINGHEL’s founders, but also a global trend that will shape the future of the software’s industry which is currently undergoing a scarcity of human resources.

In mid-July, Ringhel attracted for its PROCESIO technology, a SEED investment of Eur 550.000 through Seedblink.com equity crowdfunding platform, in a 3 days record time. In addition, there are new investors willing to invest in PROCESIO technology, taking the round to 650.000 Euros.

SeedBlink funding will enable the company to further the development of the PROCESIO project at a rapid pace and prepare the commercial launch bound for March 2021.

Furthermore, Ringhel aims at making a Series A investment expected to reach 3 Million Euro by January 2021, a business strategy that is going to raise the potential of the company becoming a unicorn.

The company’s customer portfolio includes over 50% of active electricity suppliers and 20% of gas suppliers on the Romanian market, including CEZ, E.ON, ENGIE, Lukoil, MET Romania Energy, Restart Energy and many others. In 2018, Ringhel entered the Serbian market and is currently planning to target other European markets in order to rank as among one of the first choices of ERP & CRM on the European and USA’s power and gas markets.

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