Large Series A Round for Minnesota Based 75F
Last week, Twin Cities based 75F announced that the company had raised more than $18 million in a Series A round of financing led by Breakthrough Energy Ventures and Oil & Gas Climate Initiative. Building Ventures, Revolution, and Clean Energy Trust participated in the round. The company was founded in 2012 and has been slowly…
Last week, Twin Cities based 75F announced that the company had raised more than $18 million in a Series A round of financing led by Breakthrough Energy Ventures and Oil & Gas Climate Initiative. Building Ventures, Revolution, and Clean Energy Trust participated in the round.
The company was founded in 2012 and has been slowly accruing grants, awards, and investment over the last half decade. However, this latest round is significant as the company plans to dramatically expand its workforce and sales efforts.
Functionally, the company is a smart system for improving the efficiency of buildings. 75F’s offering connects wireless sensors, equipment controllers, and cloud-based software. This allows the firm to provide software that is predictive and offers proactive building automation.
As part of the round, CEO Deepinder Singh stated, “We are honored to have this incredible group of investors backing our vision. This strategic funding will allow 75F to invest in key positions, continue to innovate our product and customers solution and strengthen our partner network.”
In a press release sent out at the time of the financing, 75F stated that it planned on using the new capital to expand its workforce. Currently, this is estimated between 50-100, but the company announced its intention to hire a variety of positions in both their US and Bangalore offices. In particular, the company is recruiting for sales, software and product engineers, and support positions.
75F is clearly concerned about reducing climate change. And their new venture partners have been built specifically to invest in late stage technology companies that are attempting to solve these problems.
In the company’s press release, Carmichael Roberts of Breakthrough Energy Ventures stated, “Six percent of global and 12 percent of U.S. greenhouse gas emissions released into the atmosphere come from building. We know we can combat this by designing the next generation of buildings, but we can also make significant gains by upgrading existing real estate with smart technology. 75F has create a unique software and hardware solution powered by machine learning that reduces energy costs and emissions at the same time.”
Combatting climate change is multi-faceted. Many Silicon Prairie startups are pursuing opportunities to create energy efficient buildings, new software, and other tools. 75F is clearly one of the leaders in the region.
To find out more about 75F, check out their website at www.75f.io.
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