India- and US-based cleantech startup 75F Inc. has raised $18 million in Series A round of financing co-led by Breakthrough Energy Ventures, a $1-billion fund led by Bill Gates, Jeff Bezos and Michael Bloomberg, and Oil & Gas Climate Initiative (OGCI), it announced on Wednesday.
This marks the first investment for OGCI in the buildings space.
The round also saw participation from Building Ventures, Revolution’s Rise of the Rest Seed Fund, and Clean Energy Trust, taking the company’s total funding to $25 million to date, the company said in a statement.
75F will use the funding proceeds to scale support and operations, invest in R&D, upgrade office locations in both the Twin Cities and Bangalore, India, and open additional satellite office locations, the statement 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, APAC, Middle East, China, and Australia.” Deepinder Singh, CEO for 75F Inc said.
Founded in 2012, 75F provides energy-efficient, Internet of Things (IoT) powered wireless building automation for commercial buildings. It offers a vertically-integrated smart building solution that includes wireless sensors, equipment controllers and cloud-based software delivering predictive, proactive building automation.
The company recently filled key marketing, supply chain, and finance leadership roles in the U.S. as well as a finance leadership role in APAC. It is currently recruiting for sales, software engineers, and product engineers as well as service, support, and supply chain associates in both the U.S. and APAC, the statement said.
Breakthrough Energy Ventures (BEV) invests in companies that leverage technologies to help address climate change. The fund was created in 2016 by the Breakthrough Energy Coalition, and has more than $1 billion in committed capital.
“Six per cent of global and 12 per cent of US greenhouse gas emissions released into the atmosphere come from buildings,” said Carmichael Roberts of Breakthrough Energy Ventures. “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.”