8 months ago
Smart Joules Raises $10M for AI Cooling Solutions
Smart Joules is a company that helps buildings and industries use less energy for cooling.
They just got $10 million from investors to grow their business.
This money will help them improve their smart technology, called DeJoule, which makes cooling more efficient.
They also offer a service called JouleCool, which provides high-efficiency cooling for new buildings.
The company wants to help India, which is using more cooling than ever before.
They have already saved a lot of electricity and money for their customers.
With this new funding, they plan to do even more and reach bigger projects, especially in industries where cooling is very important.
Smart Joules raised $10 million in Series B funding led by SBI Ventures’ Neev II Fund, Waaree, and Spectrum Impact.
The company plans to expand its machine learning platform, DeJoule, and cooling-as-a-service infrastructure, JouleCool.
India's cooling demand is surging, and Smart Joules aims to cut energy consumption from cooling by half.
JouleCool offers a 10-year guarantee on cooling performance and energy efficiency, unmatched in the industry.
The company expects to scale its impact significantly, targeting revenues of over ₹200 crore next year.
- Who
- Smart Joules, a clean-tech company specializing in energy-efficient cooling solutions
- What
- Raised $10 million in Series B funding to scale AI-driven cooling solutions
- Where
- India, focusing on buildings and industries
- When
- The timing is crucial as India faces a surge in cooling demand
- Why
- To address the growing energy consumption from cooling and expand its machine learning platform and cooling-as-a-service infrastructure
Key facts
- Funding Amount
- $10 million
- Lead Investors
- SBI Ventures’ Neev II Fund, Waaree, Spectrum Impact
- Founder and CEO
- Arjun Gupta
- Machine Learning Platform
- DeJoule
- Cooling-as-a-Service Model
- JouleCool
- Current Annual Revenue
- ₹70 crore
- Recurring Contracts
- ₹400 crore
- Target Revenue Next Year
- ₹200 crore
Quotes
Arjun Gupta
Founder and CEO of Smart Joules
“Cooling is the largest end use of energy in India, and we can expect to see another three India’s worth of new power demand just from cooling over the next 20 years.”
CNBC TV 18
“Smart Joules wants to cut that in half using both technology and business models.”
CNBC TV 18
