Energy IoT Startup Smart Joules Raises $4.9 Mn From Raintree, Others

SUMMARY

The funding has been led by Raintree Family Office, a single-family office committed to tackling environmental and social issues in India

Besides Raintree, ADB Ventures, Sangam Ventures, Max I. Limited, cKinetics Accelerator, Dabur family’s Saket Burman and six other angel investors from India and the US have also participated in the funding round

Smart Joules claims to offer 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

Energy-efficiency-as-a-service startup Smart Joules has raised $4.9 Mn in a Series A funding round from various investors. The funding, which was first reported last month, has seen participation from Raintree Family Office, a single-family office looking to back ventures that are tackling chronic environmental and social issues in India. It invests through a hybrid model of a private philanthropic foundation and a socially conscious investing arm.

Besides Raintree, 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 have also participated in the funding round.