Bengaluru, India, September 4, 2019 – 75F, a global leader in energy-efficient based in the US and India, IoT powered wireless building automation for commercial buildings, today announced the completion of a $18 M Series A round of funding co-led by Breakthrough Energy Ventures and Climate Initiative with the involvement of Building Ventures, Revolution’s Rest Seed Fund and Clean Energy Trust. Founded in 2012, the company has so far raised a total of $25 million.
This marks the first investment in building space for the Oil & Gas Climate Initiative, and 75F aligns with the work of Breakthrough Energy Ventures to substantially decrease building emissions, one of the largest contributors to climate change.
“We are honored to have this incredible group of investors support our vision and help 75F take a huge step forward as the industry’s global leader,” said 75F CEO Deepinder Singh. “This strategic financing will enable 75F to invest in key roles, continue to innovate our product and consumer solution, and strengthen our partnership network across North America, Middle East, and APAC including India, Singapore, China, and Australia.”
Energy use in buildings is a concern of between $400 billion and $500 billion a year. Developing Asian nations account for two-thirds of worldwide energy growth, driving growth in this market for energy-efficient Smart Building Technology. 75F’s intuitive, self-optimizing system is uniquely placed to cater for this market, saving up to 50% on HVAC and lighting energy, improving occupant convenience and improving operating effectiveness.
“The Asia-Pacific region is a key component of the global road map of 75F,” added Gaurav Burman, VP & APAC President, 75F. It is a distinctive chance given the high economic growth, rising energy costs and growing demand for cooling in warm climatic regions. We have gained ground in this market, increasing year after year at triple-digits, and see promise of continued growth in an addressable $10 billion market. We focus on achievement in multiple ways, such as expanding into new countries, addressing new client segments, developing new products and a new platform, and we look forward to providing better services to our current customers. Our R&D hub, the core of our supply chain activities, is also home to APAC. The infusion of capital will assist us strengthen our operations, build on our technological differentiation, and speed up our pan-APAC expansion.
Traditional building control systems are overbuilt, requiring extensive resources to install, set up, custom program and retain, resulting in high acquisition and ownership expenses. The 75F system decreases installation time, makes the occupants more productive and comfortable, while at the same time reducing facility managers expenses.
75F provides a vertically integrated smart building solution that involves wireless sensors, equipment controllers and cloud-based software, providing predictive, proactive, out-of-the-box building automation. 75F solution benefits include:
- Energy savings: The predictive, smart scheme of 75F decreases energy expenses by 30% to 50%
- Improved quality of the air: 75F’s system understands when to use the outside air to provide free cooling and improve occupants ‘ health and well-being
- Faster Return on Investment (ROI): Smart technology enables businesses to use their resources more effectively. Quick installation, non-disruptive installation, increased productivity and energy savings result in a typical ROI of less than 3 years
- Weather forecasting/Increase comfort: When it’s going to rain, your smartphone knows –shouldn’t your HVAC system? 75F machine learning can monitor weather and room occupancy in order to regulate space and guarantee convenience throughout the year.
- Self-optimization: The intelligent HVAC solution starts to learn your building’s behavior from the time it is installed, providing maximized energy savings without sacrificing convenience.
- Scaled deployment: 75F’s scheme provides solutions that enable the cloud scaling of the entire portfolio of businesses right out of the box
Funds from this round will be used to scale support and operations, invest in research and development, upgrade office locations in both Twin Cities and Bangalore, India, and open extra satellite office locations. 75F lately filled out key U.S. marketing, supply chain, and finance leadership positions as well as APAC’s financial leadership role. The company is presently hiring for sales, software engineers, and product technicians as well as for service, support, and supply chain associates in both the U.S. and APAC.
Breakthrough Energy Ventures (BEV) is investing in companies using innovative technologies to assist in address climate change. Backed by many of the world’s top business leaders, BEV has capital of over $1 billion to help courageous entrepreneurs construction companies that can significantly lower agricultural, building, electricity, manufacturing, and transportation emissions. The Breakthrough Energy Coalition established the fund in 2016.
“Six percent of worldwide and 12 percent of atmospheric U.S. greenhouse gas emissions come from buildings,” said Breakthrough Energy Ventures ‘ Carmichael Roberts. “We understand that we can fight this by designing the next generation of buildings, but by upgrading current real estate with smart technology we can also make significant profits. 75F has developed a distinctive machine learning software and hardware solution that simultaneously lowers energy expenses and emissions.
Oil and Gas Climate Initiative (OGCI)
OGCI is a $1 + billion fund that invests in techniques and business models that reduce the energy and industrial sectors ‘ carbon footprint and their value chains. The fund was created to take practical action on climate change by the CEOs of the Oil and Gas Climate Initiative.
OCGI invests in innovative companies with late-stage technologies and business models that can reduce the energy and industrial sectors ‘ carbon footprint. By using the expertise and resources of their OGCI member companies and broader network, they actively support these companies in attaining commercial success.
Pratima Rangarajan, CEO of OGCI Climate Investments, said: “To achieve our climate objectives, reducing emissions across all sectors is crucial. 75F’s innovative smart building solution is simple to install, saves building operators and reduces building energy losses. If we want worldwide adoption that can have a significant effect on carbon, these kinds of scalable technologies are required.
Please visit www.75f.io for more information.
About 75F: 75F is a building intelligence company based in the United States and India that makes smart building automation affordable and easier to implement for all commercial buildings to optimize occupant experience and offer operational efficiencies. 75F leverages IoT, Cloud Compute and Machine Learning for HVAC, lighting and energy optimization data-driven, proactive building intelligence and control.
75F is a proud member of the Wells Fargo Innovation Incubator (IN2) portfolio facilitated by NREL and national winner of the CleanTech Open for energy efficiency. 75F’s task is to enhance the efficiency of occupants by improving convenience and quality of indoor air–while saving power and the environment. 75F has provided thousands of energy-efficient, comfortable and healthy spaces for passionate clients who are delighted with the outcomes. 75F makes your building work for you. Follow @75f io.