Smart Joules funding
Smart Joules, a Delhi-based Energy-efficiency-as-a-service startup, has acquired $4.1 Mn in its Series A funding round from various investors, such as cKinetics Accelerator, ADB Ventures, Sangam Ventures, Max I. Limited, the venture arm of Asian Development Bank (ADB), Dabur family’s Saket Burman along with six other angel investors from India and the United States.
The startup claims to provide capital expenditure-free retrofits for industrial and commercial facilities by enhancing the overall design of energy-intensive systems like cooling, heating, compressed air, and steam. The company also claims that its DeJoule technology platform uses various sensors and IoT controllers to track and manage equipment and optimize overall facility performance in real-time using data. This technology platform allows Smart Joules to guarantee its clients 15% energy savings, the startup claimed in its press statement.
Founded by Arjun P Gupta, Ujjal Majumdar, and Sidhartha Gupta in 2014, the startup plans to use the invested funds to build its energy management team, improve its digital technology platform, grow its presence across hospitals and scale its cooling-as-a-service offering for commercial buildings and industries with heavy air conditioning loads such as pharmaceuticals and data centers.
Daniel Hersson, senior fund manager at ADB Ventures said, “Smart Joules has proven the energy-efficiency-as-a-service business model in India. We believe the company can become a category leader in building energy efficiency space in the region.”
Sangam Ventures’ founder Karthik Chandrasekhar said, “We have seen the Smart Joules founders build an amazing climate positive start-up from the ground up and excited to be part of the next phase of their journey where they are taking their innovative Internet of Things-enabled, data-analytics driven platform to transform the energy efficiency landscape in India by making it simple and profitable for businesses to invest into.”
At the same time, ADB Ventures has also invested in another Indian startup this week, New Delhi-based electric vehicles (EV) startup Euler Motors. The startup bagged $2.6 Mn from ADB to close its $9.5 Mn Series A round.
Apart from Smart Joules, startups involved in growing technology spaces such as blockchain, AI and machine learning, clean energy, and EVs, drones, among other things, are expected to play a crucial role in India’s smart cities of the future. Some of these startups are independent power producers of renewable energy ReNew Power, Gurgaon-based Internet of Things (IoT) focused enterprise Zenatix, which was acquired by Hero Electronix in 2018, and Bengaluru-based smart building solution provider 75F.
Smart Joules also currently has job openings for various positions like Technical Project Manager, Senior Project Manager, Platform Reliability Engineer, Design Engineer, Energy Analyst, Software Development Engineer DevOps, Machine Learning Engineer, and Back end Developer. Applications for these job profiles could be sent by visiting the careers section of the company’s website.