Smart Joules raises $10M in Series B funding

Energy efficiency solutions provider Smart Joules on Wednesday raised $10 million in Series B funding led by SVL SME Negev II Fund, managed by SBI Ventures—a subsidiary of the State Bank of India—as well as Waaree Renewable and Spectrum Impact.

The startup will use the newly raised funds to expand its energy efficiency and cooling operations into newer sectors and large-scale projects, including manufacturing, building automation, and district cooling. A portion of the funds will also be used to strengthen the firm’s technology, analytics, and on-ground execution capabilities.

“Over the past decade, Smart Joules has built a team with deep expertise in cooling and automation, matured AI and IoT technology to intelligently automate India’s buildings and factories, and pioneered efficiency- and cooling-as-a-service business models to eliminate energy waste,” said Arjun P. Gupta, Founder and CEO of Smart Joules.

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The company, founded in 2014, has a portfolio of efficiency solutions, including energy efficiency performance contract solutions JoulePays, cooling-as-a-service offering JouleCool, and an AI-powered full-stack building management system, DeJoule.

These solutions enable facilities to cut energy waste, lower costs, and eliminate carbon emissions.

“Our investment in Smart Joules reflects Waaree’s commitment to building a broader energy transition platform. We see energy efficiency and Cooling-as-a-Service as pivotal to shaping a sustainable future and a fast-emerging global model, especially in markets like India, Southeast Asia, and MENA," said Viren Doshi, Executive Director at Waare.

He added, "This investment underscores our focus on backing innovative climate-tech companies with not just capital, but also strategic partnerships and long-term support — guided by a founder-first approach to help visionary teams scale transformative businesses.”