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Smart Joules, an energy efficiency startup, has raised $10 million in a Series B funding round led by Neev II Fund, managed by SBI Ventures Limited.
The round also saw participation from Waaree Renewable Technologies and Spectrum Impact.
The company said the new funding will help it expand its energy-efficiency and cooling services into new sectors and larger projects, such as manufacturing, building automation, and district cooling. It will also use the money to improve its technology, analytics, and execution.
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Before this round, the startup had raised about $17 million from investors such as the Asian Development Bank (ADB), Sangam Ventures, Raintree Family Office, CKinetics Accelerator, and others.
Founder and CEO Arjun P Gupta said the company has built strong skills in cooling and automation, and has created AI and IoT systems to automate buildings and factories. "The funding partners will support progress towards the company’s vision to eliminate 29 million tonnes of CO₂ emissions within the decade," he said.
Prem Prabhakar, MD and CEO of SBI Ventures Ltd., said the investment fits their strategy of backing companies that create both economic and environmental value. Akshay Panth, CIO of Neev Funds, said energy efficiency will play a key role in sustainable growth.
About Smart Joules
Founded in 2014 by Arjun P. Gupta, Sidhartha P. Gupta, and Ujjal Majumdar, Smart Joules uses an efficiency-first approach and helps businesses cut energy use without asking them to invest upfront.
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Its products include JoulePays for performance-based energy savings, JouleCool for cooling-as-a-service, and DeJoule, an AI-powered building management system.
The company says it has saved 32.1 crore kWh of energy, cut 2.4 lakh tonnes of CO₂ emissions, and delivered Rs 266 crore in energy savings so far. Smart Joules aims to reduce 29 million tonnes of carbon emissions by 2030.
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