Smart Joules, an energy-efficiency-as-a-service budding venture has recently raised $4.9 million in its latest Series A funding round from several investors.
The funding has seen participation from Raintree Family Office, which is a single-family office looking to back ventures that are lacking chronic environmental and social issues in India. The investor invests via a hybrid model of a private philanthropic foundation and a socially conscious investing body.
Other investors were ADB ventures, Sangam Ventures, Max I. Limited, cKinetics Accelerator, Dabur family’s Sakest Burman, and 6 more angel investors from India and United States bodies who have also contributed to the funding round.
Smart Joules offers capital expenditure-free retrofits for both commercial and industrial facilities by enhancing the overall design and model of the business. It is working over energy-intensive systems like cooling, heating, compressed air, and steam.
The startup was founded in 2014 by Arjun Gupta, Ujjal Majumdar, and Sidhartha Gupta. The firm decided to integrate and use the raised funds to strengthen its energy management team, improve its digital platform, expand its business across hospitals, and more.
The firm also claims that its proprietary DeJoule technology platform utilizes several sensors, and IoT controllers to track and control equipment. This technology platform allows Smart Joules to guarantee its clients 10% to 30% energy savings, the venture claimed in one of the press statements.
One of the investors Raintree Family’s Founder Leena Dandekar said- “We invest in businesses that offer scalable and commercial 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”. She added- “Smart Joules’ proprietary technology and proven business model addresses the urgent need to reduce energy wastage which resonates with our impact investment philosophy”.
Currently, the startup offering services to Apollo Hospitals, Teerthanker Mahaveer University, Fortis Hospitals, Neemrana Hotels, and several more.
Several other ventures in the same industry of emerging technology spaces such as clean energy and EVs, drones, AI, and much more are expected to play a crucial role in the development of industries across the nation like ReNew Power.