Energy efficiency company Smart Joules raised $4.9 million (Rs 36 crore) in a Series A funding round from Raintree Family Office and others.
Smart Joules, which works on eliminating energy waste, will use the capital to strengthen its energy management team, enhance its digital technology platform and widen its presence across hospitals, Raintree Family Office said in a statement.
The funding saw participation from Raintree Family Office, Asian Development Bank's venture arm, early-stage venture fund Sangam Ventures, and capital advisory firm cKinetics Accelerator, among others.
“Smart Joules’ proprietary technology and proven business model address the urgent need to reduce energy wastage which resonates with our impact investment philosophy,” Leena Dandekar, founder of Raintree Family Office, said.
“Our impact philosophy focuses on supporting entrepreneurs and businesses that achieve the right mix of economic and social impact while delivering competitive returns,” Dandekar added.
Raintree Family Office said that Smart Joules’ proprietary technology and business model allow the firm to guarantee 10-30% energy savings to clients.
The investment marks Raintree Family Office’s first impact bet in the cleantech sector.
Smart Joules was founded by Arjun P Gupta, Ujjal Majumdar and Sidhartha Gupta.