SAN FRANCISCO, June 25, 2019 /PRNewswire/ -- Software Motor Company (SMC) is excited to announce that it successfully raised a series A-2 of $31,415,926 from a consortium of strategic investors, including JLL Spark and Meson Capital. SMC has now raised $48M total since 2014.
The new investment round will enable SMC to scale its business designing and installing the world's most reliable, efficient, and intelligent motor system. Electric motors are ubiquitous in anything that moves, consuming over 45% of the world's electricity. Since the operation of buildings is responsible for 40% of global CO2 emissions*, SMC is focused on transforming the HVAC industry to minimize carbon impact.
"At JLL Spark we look for novel technology solutions to age-old problems in commercial real estate (CRE), which is why we're thrilled to invest in Software Motor Company," said Yishai Lerner, Co-CEO at JLL Spark. "After two pilots at JLL buildings, SMC was able to immediately demonstrate its ability to lower operating costs with attractive ROI timelines. We're thrilled to work together to deploy this technology across the JLL portfolio to achieve energy efficiency savings for JLL and our clients, as well as reduce our global energy footprint."
Unlike most products in the cleantech space, SMC's Smart Motor System is less expensive to own and operate than its conventional alternative. When this revolutionary motor is combined with IoT building automation technology, the SMC Smart Motor System optimizes efficiency, advances sustainability goals, and saves money.
Now piloting with dozens of major retailers and restaurants, SMC's motors are driving average energy savings of 55% from their HVAC systems. If the entire HVAC sector applied this performance, it would reduce global carbon emissions by 3.2 gigatons, which is the equivalent of 10% of all global emissions from fossil fuels.*
Now that SMC has proven its technology in HVAC, it is expanding its application engineering into more office, industrial, and specialty CRE markets. SMC is an exclusive partner to VES, the technology leader in climate environments for animal agriculture. SMC's direct drive motors power all of VES's ventilation systems to assure healthier cows and more productive and profitable dairy farms.
"We're very excited to partner with JLL Spark as a strategic investor," said Ryan Morris, Executive Chairman of SMC. "JLL manages more than 4.6 billion square feet of real estate, and they maintain over 300,000 motors in our current product size range. We look forward to helping them achieve their sustainability goals and reduce their customers' carbon footprint by upgrading their systems."
About Software Motor Company
Software Motor Company (SMC) has developed the world's most efficient electric motor system, based on revolutionary switched reluctance technology, managed by advanced cloud software. SMC's vision is to reduce global electricity consumption by 25%, which is the equivalent of retiring every coal power plant in the world. SMC is based in Sunnyvale, Calif., with offices in San Francisco; Arlington, Wash.; and Kennesaw, Ga. SMC is partnering with dozens of pilot customers and reducing their motor electricity consumption by more than half. SMC is also partnering with agriculture technology company VES to revolutionize the efficiency, environmental impact, and health of animal agriculture. For further information, visit www.softwaremotor.com.
About JLL Spark
JLL Spark is a division of JLL (NYSE: JLL) that operates a $100 million global venture fund to invest in proptech companies transforming commercial real estate. Led by experienced Silicon Valley entrepreneurs with successful track records building and investing in tech companies, JLL Spark's strategic proptech investments offer JLL the ability to provide innovative products to real estate owners and operators. JLL Spark was founded in 2017 and is headquartered in San Francisco. For further information, please visit www.jllspark.com.
SOURCE Software Motor Company