 "75F raises $5 mn from Siemens, taking the total Series A funding to $28 mn")
75F, which designs and manufactures IoT-based Building Management System, on Friday said it has raised USD 5 million from Siemens AG, bringing total 'Series A' funding to USD 28 million.
Next47, a global venture capital firm backed by Siemens, led the investment on behalf of Siemens Smart Infrastructure, said a statement from 75F.
75F has raised USD 5 million from Siemens AG in this round, said the Bengaluru-headquartered company.
Siemens AG joins previous investors including Bill Gates' Breakthrough Energy Ventures, Climate Initiative, and WIND to accelerate company expansion, it added.
"The latest influx in 75F's Series A funding round brings the Minneapolis-based company's total funding to USD 28 million," said 75F.
Henning Sandfort, CEO of Building Products at Siemens Smart Infrastructure said: "This investment signals a broader industry shift toward energy efficiency and the technologies that make those savings accessible to more customers."
75F founder and CEO Deepinder Singh said: "We are honoured to have the support of global leaders like Siemens.
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According to 75F VP & APAC President Gaurav Burman, Asia-Pacific region is a key part of 75F's global road map and represents a unique opportunity.
"We have been gaining ground in this market, growing at triple-digits year on year, and see promise for continued growth in an addressable market of USD 10 billion. We are targeting success in various directions such as expanding to new countries, addressing new customer segments, developing new products and a new platform, and we look forward to delivering better services to our existing clients," he said.
75F, is currently focusing on a few key verticals such as IT/ITeS, Healthcare and Hospitality in the four major metros.
It designs and manufactures IoT-based Building Management System. It leverages IoT, Cloud Computing and Machine Learning for data-driven, proactive building intelligence and controls for HVAC and lighting optimisation.