New Delhi, India-based Energy-efficiency-as-a-service startup Smart Joules raised US$ 4.9M in a Series A funding round on 21 April 2021.
Investors: The funding round was led by Raintree Family Office, a single-family office that backs ventures that are tackling chronic environmental and social issues in India. Other participants in the round included Raintree, ADB Ventures, the venture arm of Asian Development Bank (ADB), Sangam Ventures, Max I. Limited, cKinetics Accelerator, Dabur family’s Saket Burman and six other angel investors from India and the US.
Purpose of the funding: The funds raised will be utilized towards strengthening the startup’s energy management team, enhance its digital technology platform, expand across hospitals and scale its cooling-as-a-service for commercial buildings and industries with heavy air conditioning loads such as pharmaceuticals and data centres.
About Smart Joules
Founded in 2014 by Arjun P Gupta, Smart Joules offers capital expenditure-free retrofits for commercial and industrial facilities. They aim to improve the overall design of energy-intensive systems like cooling, heating, compressed air and steam.
The startup has a proprietary DeJoule technology platform that utilises various sensors and IoT controllers and tracks and controls equipment to optimise overall facility performance using data. Smart Joules guarantee its clients about 10%-30% energy savings. Some of its notable clients include – Apollo Hospitals, Fortis Hospitals, Teerthanker Mahaveer University and Neemrana Hotels.
About the Founder
Arjun P. Gupta: He is the founder and CEO of Smart Joules. In 2014, he was recognised as India’s top Young Leaders by the Economic Times newspaper, an Echoing Green Climate Fellow in 2015, Young Entrepreneur of the Year by Business Standard in 2016 and Climate Strategies Accelerator Fellow by the David & Lucile Packard Foundation. He holds a Master’s degree in Engineering Systems from MIT and Bachelor’s degrees in Environmental Engineering and Economics from UC Berkeley.
What the investors have to say: “We invest in businesses that offer scalable and commercially viable products focused on solutions for the planet and people. Our impact philosophy focuses on supporting entrepreneurs and businesses that achieve the right mix of economic and social impact while delivering competitive returns. Smart Joules’ proprietary technology and proven business model addresses the urgent need to reduce energy wastage which resonates with our impact investment philosophy.” — Leena Dandekar, founder at Raintree Family Office.
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