Smart Joules, a platform focused on energy efficiency, has raised $4.1 million (around Rs 29.7 crore) in a Series A round, the company said on Wednesday.
Investors in this round include ADB Ventures, which is the venture arm of the Asian Development Bank; Sangam Ventures, a seed and early-stage fund; Max I Ltd; cKinetics Accelerator; Saket Burman of Dabur; and six other angel investors from India and the United States.
DPNC Advisors, the transaction advisory arm of Dewan PN Chopra & Co, acted as the exclusive financial advisor to Smart Joules on its fundraise, the startup said in a statement.
Smart Joules, operated by Smart Joules Pvt Ltd, was set up in 2015 by Arjun P Gupta, Ujjal Majumdar, and Sidhartha Gupta. The company says its platform offers capital expenditure-free retrofits of existing energy-intensive systems such as those related to cooling and heating in commercial and industrial facilities.
Further, it replaces ageing equipment with contemporary and more efficient parts. Its technology stack, DeJoule, utilises sensors and Internet of Things-based controllers to track and optimise equipment.
The company will use the capital it has raised to strengthen its energy management team, enhance technological infrastructure, expand presence across hospitals, and scale cooling-as-a-service offerings for commercial buildings and industries requiring heavy air conditioning loads.
“We have seen the Smart Joules founders build an amazing climate-positive startup from the ground up and are excited to be a part of the next phase of their journey,” Sangam Ventures founder Kartik Chandrasekhar said.