75F, which designs and manufactures IoT-based Building Management System, on Friday said it has raised $5 million from Siemens AG, bringing total 'Series A' funding to $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 $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 $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.
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$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.
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