Energy-efficiency-as-a-service startup Smart Joules has raised $4.1 mn in its Series A funding round from various investors, namely 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.
The company offers capital expenditure-free retrofits for commercial and industrial facilities by improving the overall design of energy-intensive systems like cooling, heating, compressed air and steam. The company claims that its DeJoule technology platform utilises various sensors and IoT controllers to track and control equipment and optimise overall facility performance in real-time using data. Guarantees its clients 15% energy savings with Dejoule Technology.
Joules will deploy the invested funds to strengthen its energy management team, enhance its digital technology platform, expand 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 centres.