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Smart Joules funding

Energy efficiency company Smart Joules announced that it has raised $4.9 million in funding from a clutch of investors, including Raintree Family Office. 

Other investors including Sangam Ventures, ADB Ventures (the Asian Development Bank’s venture arm), Max I Limited, cKinetics Accelerator, Saket Burman from Dabur family, and six other marquee angels from India and the US also participated in the funding round, an official statement said.

The capital raised will be used to strengthen the energy management team, improve digital technology platform, scale presence across hospitals, and expand its cooling-as-a-service offering for commercial buildings, the statement added. 

Founded by Arjun P Gupta, Ujjal Majumdar, and Sidhartha Gupta, Smart Joules eliminates energy waste in power-intensive industries using proprietary technology and a unique business model that enables it to guarantee between 10-30 percent energy savings to its clients.

Raintree is a single-family office focused on addressing the country’s chronic environmental and social issues through a hybrid model of a private philanthropic foundation and a socially conscious investing arm, it said. 

Leena Dandekar, founder of Raintree said, “We invest in businesses that offer scalable and commercially viable products focused on solutions for the planet and people.”

Smart Joules’ proprietary technology and established business model addresses the pressing need to decrease energy wastage, which resonates with our impact investment philosophy, she added.

The platform gives capital expenditure (CapEx)-free retrofits by enhancing the overall design of energy-intensive systems like cooling, heating, compressed air, and steam in commercial and industrial facilities, and replacing aging energy-intensive equipment with best-in-class energy-efficient equipment. Their DeJoule technology platform then uses several sensors and IoT controllers to track and control each piece of equipment and optimize overall facility performance in real-time using data. This technology allows Smart Joules to guarantee its clients 15 percent energy savings.

As more and more consumers become aware of the importance of energy efficiency, startups like Smart Joules are looking to play an important role in the future of these sectors. The funding round brings huge growth opportunities for the company.

Shishir Gupta, Founder and CEO, StartupLanes

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