India-US based smart energy startup on Friday said it raised a Series A funding of $5 million from Siemens AG. Next47 — the global venture capital firm backed by Siemens — led the investment on behalf of Siemens Smart Infrastructure.
With the Series A funding, the Minneapolis-based company’s total funding is now at $28 million. Next47 joins investors, including Bill Gates's Breakthrough Energy, the Climate Initiative, and WIND Ventures, among others, who have previously invested in 75F.
Gaurav Burman, VP and 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 billion. 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," he added.
Gaurav Burman, VP & APAC President, 75F
Gaurav also said that APAC is home to 75F's R&D hub and the centre of its supply chain operations. The capital infusion will help the company to strengthen its operations, build on its technological differentiation, and accelerate the pace of its pan-APAC expansion.
Deepinder Singh, Founder and CEO, 75F, said,
"We want every commercial building to have the technology needed to run efficiently and affordably. My belief as an entrepreneur has always been that we should turn market leaders into partners. By doing this, we can accelerate the adoption of truly innovative technology across the industry.”
75F designs and manufactures IoT-based building management systems, which leverages IoT, Cloud Computing, and Machine Learning for data-driven, proactive building intelligence and controls for HVAC, and lighting optimisation.
Henning Sandfort, CEO of Building Products at Siemens Smart Infrastructure, said, this investment signals a broader industry shift toward energy efficiency and the technologies that make those savings accessible to more customers.
"75F’s wireless solution is easy to install and implement, offers fully-integrated AI and analytics, and can help get companies large or small on a path to meeting their energy or carbon reduction goals," he added.
Edited by Suman Singh
Link : https://yourstory.com/2021/07/funding-alert-iot-startup-75f-raises-series-a-siemens-ag
Author :- Rashi Varshney ( )
July 16, 2021 at 03:39PM
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