04 September 2019, India:
75F, a US- and India-based startup that provides energy-efficient, IoT-powered wireless building automation solutions, has raised a $18 million in Series A round of funding.
The funding round was co-led by Breakthrough Energy Ventures and Oil and Gas Climate Initiative.
This marks the first investment for Oil & Gas Climate Initiative in the buildings space.
Building Ventures, Revolution’s Rise of the Rest Seed Fund, and Clean Energy Trust also participated in the funding round.
This funding round has bought the total capital raised by the company to $25 million till date.
The startup will use the fresh capital to scale operations, invest in R&D, and upgrade office locations.
Deepinder Singh, CEO, 75F, said, “We are honored to have this incredible group of investors backing our vision and helping 75F take an enormous step as the global leader in the industry.”
Deepinder Singh, added, “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, Middle East, and APAC including India, Singapore China, and Australia.”
Gaurav Burman, VP & APAC President, 75F said, “The Asia-Pacific region is a key part of 75F’s global road map. It represents a unique opportunity given the high economic growth, increasing energy costs and the rising demand for cooling in warm climate regions. We have been gaining ground in this market, growing at triple-digits year on year, and see promise for continued growth in an addressable market of $10 Bn.”
Gaurav Burman, added, “We are targeting success in various directions such as expanding to new countries, addressing new customer segments, developing new products and a new platform, and we look forward to delivering better services to our existing clients. APAC is also home to our R&D hub, the center for our supply chain operations. The capital infusion will help us strengthen our operations, build on our technological differentiation, and accelerate the pace of our pan-APAC expansion.”
Carmichael Roberts of Breakthrough Energy Ventures, said, “Six percent of global and 12 percent of U.S. greenhouse gas emissions released into the atmosphere come from buildings.”
Carmichael Roberts, added, “We know we can combat this by designing the next generation of buildings, but we can also make significant gains by upgrading existing real estate with smart technology. 75F has created a unique software and hardware solution powered by machine learning that reduces energy costs and emissions at the same time.”
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.”
75F offers a vertically-integrated smart building solution that includes wireless sensors, equipment controllers and cloud-based software, delivering predictive, proactive building automation right out-of-the-box.
(Image – 75F)