GIBSS raises Series-A funding from respons Ability, Infuse Ventures

Incubated at the Indian School of Business, GIBSS had earlier received seed funding from Hyderabad Angels and SRI Capital

Green India Building Systems and Services (GIBSS), a Hyderabad-based cleantech startup, has raised an undisclosed amount in a Series-A round from respons Ability, a Zurich-based asset management firm with $2.7 billion of assets under management, and Infuse Ventures, India's top sustainability and clean technology fund.

GIBSS, which was founded in 2010 by Arun Shenoy and Mandar Kaprekar, offers geothermal cooling technology. The company intends to utilise the proceeds from the fresh fundraising for research and development on geothermal solutions.

Incubated at the Indian School of Business (ISB), GIBSS had earlier received seed funding from Hyderabad Angels and SRI Capital, a Hyderabad-based seed-stage venture capital fund floated by serial entrepreneur-turned-investor Sashi Reddi. GIBSS is currently working with over 400 building across industrial, institutional and commercial setting.

 

"GIBSS' has been seeing great interest from the industrial and commercial sector for its geothermal cooling solutions and the current round will help it scale faster. Geothermal cooling could play a big role in Smart Cities projects and we believe the upcoming geothermal mission will be a great boost to this energy -efficient and environment-friendly replacement for traditional air-conditioning," Kunal Upadhyay, chief executive officer of Infuse Ventures, said in a statement on Friday.