MINNEAPOLIS, March 16, 2021 /PRNewswire/ -- 75F, the IoT-based Building Management System based in Minneapolis, today announced a close of an additional $4.75 million, bringing 75F's total Series A to just under $23 million. The additional funding was provided by a syndicate led by WIND Ventures - the corporate venture capital (CVC) group of Copec. The company intends to use the funds to further expand innovations in energy savings and market reach.
Commercial buildings are the fourth-leading contributor to greenhouse gas emissions globally. At 20 percent of emissions around the world, roughly half of that is from heating and cooling spaces. HVAC and Lighting account for 65% of the total energy consumption in commercial buildings, and traditional systems can guzzle a lot of energy as they are reactive and depend on system operators to manually tweak them. Building inefficiency will remain an important emissions target — the world's building footprint is expected to grow by 2.5 trillion square feet by 2060, which equates to building another New York City every month for the next 40 years.
75F's innovative automation solutions for buildings deliver dramatic energy savings and reduce CO2 emissions. The 75F solution includes wireless sensors, equipment controllers, and cloud-based software that delivers predictive, proactive HVAC and lighting automation right out of the box. 75F's wireless sensors, placed in each zone, capture millions of data points daily. These data points are uploaded to the cloud via a 900 MHz wireless mesh network and combine with a live weather stream and forecast data so 75F's AI can predict optimal control strategies. Because 75F can account for hot and cold spots before they occur, buildings aren't wasting energy on heating or cooling a zone that doesn't need it, thus reducing carbon emissions.
"At its core, 75F exists to simplify and modernize a complex and dated industry for the betterment of our world" said Deepinder Singh, founder and CEO of 75F. "WIND is instrumental to 75F's entry and success in new geographical markets."
"We are thrilled to be a part of the 75F journey," said Brian Walsh, Head of WIND Ventures. "The company's full-stack, simple, yet low-cost building automation solution is the next-generation of building automation systems. Today, most building automation solutions in existence are cost-effective for only the largest, most sophisticated buildings, which represent a very small percentage of all buildings globally. For emerging regions like Latin America, the 75F product-market fit represents a leapfrog opportunity for most of the market from small to very large, so we are excited to work with the team to bring the 75F solution into the region."
The company has been accruing awards and industry recognition for the last half-decade and was named to the 2021 Global Cleantech Top 100 list of companies around the globe that demonstrate innovation with the potential to make a real, meaningful difference in the climate crisis.
75F is a vertically-integrated, IoT-based Building Management System making smart building automation affordable and easy to deploy. The company leverages IoT, Cloud Computing and Machine Learning for data-driven, proactive building intelligence and controls for HVAC, lighting and energy optimization. 75F's mission is to improve occupant productivity through enhanced comfort and indoor air quality – while saving energy and the environment. Follow us at www.75.io and @75f_io.
About WIND Ventures
Based in San Francisco, WIND Ventures is the corporate venture capital (CVC) arm of Copec, one of the leading energy, mobility and retail companies in Central and South America and one of the most valued brands throughout Latin America. WIND Ventures leverages Copec's significant resources to accelerate growth, primarily within Latin America, for startups and scaleups across the world within the new mobility, energy and retail sectors. Visit windventures.vc or follow us on Linkedin and Twitter.