[Funding alert] Smart energy IoT startup 75F raises $18M led by Breakthrough Energy Ventures, Oil and Gas Climate Initiative
Funding from this Series A round will be used by the smart energy IoT startup to scale operations, invest in R&D, and upgrade the 75F locations.
75F, a US and India-based startup in the energy-efficient, IoT powered wireless building automation space for commercial buildings, on Wednesday announced it has raised $18 million in Series A funding co-led by Breakthrough Energy Ventures and Oil and Gas Climate Initiative.
The round also saw participation from Building Ventures, Revolution's Rise of the Rest Seed Fund, and Clean Energy Trust, bringing the total capital raised by the company to $25 million till date.
Deepinder Singh, CEO, 75F, said,
“This strategic funding will allow 75F to invest in key positions, continue to innovate our product and customer solution, and strengthen our partner network across North America, the Middle East, and APAC including India, Singapore, China, and Australia.”
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The startup, founded in 2012, stated that this is the largest investment to date in the energy-efficiency technology category in the APAC region.
This marks the first investment for Oil and Gas Climate Initiative (OGCI) in the buildings space.
Gaurav Burman, VP & APAC President, 75F, said,
“The capital infusion will help us strengthen our operations, build on our technological differentiation, and accelerate the pace of our pan-APAC expansion.”
Traditional building controls systems are overbuilt and require extensive resources to install, setup, custom program, and maintain, which creates high costs of acquisition and ownership. The 75F system claims it reduces install time, makes occupants more productive and comfortable, while cutting costs for facility managers.
75F offers a vertically-integrated smart building solution that includes wireless sensors, equipment controllers, and cloud-based software, delivering predictive, proactive building automation for heating, ventilation, and air conditioning (HVAC), lighting and energy optimisation, the statement said.
Pratima Rangarajan, CEO of OGCI Climate Investments, said,
“Reducing emissions across all sectors is crucial to meeting our climate goals. 75F’s innovative smart building solution is easy to install, provides savings for building operators and cuts energy loss from buildings. These types of scalable technologies are needed if we want global adoption that can make a significant impact on carbon.”
OGCI is a $1+ billion fund investing in technologies and business models that can lower the carbon footprint of the energy and industrial sectors.
Breakthrough Energy Ventures (BEV) has more than $1 billion in committed capital to support entrepreneurs building companies that can reduce emissions from agriculture, buildings, electricity, manufacturing, and transportation. The fund was created in 2016 by the Breakthrough Energy Coalition.
Carmichael Roberts of Breakthrough Energy Ventures added, “75F has created a unique software and hardware solution powered by machine learning that reduces energy costs and emissions at the same time.”
(Edited by Evelyn Ratnakumar)