75F Nets Funding from Bill Gates-led Investor Group
Burnsville-based startup 75F Inc. has caught the eye of some big-name investors.
On Wednesday, the company announced that it’s raised a total of $18 million in its latest fundraising round.
Investor group Breakthrough Energy Ventures and the Oil and Gas Climate Initiative co-led this round, according to 75F. Breakthrough Energy Ventures’ investors include Bill Gates, Jeff Bezos, and Michael Bloomberg, while the Climate Initiative is a coalition of BP, Chevron, and 11 other energy giants.
75F specializes in automation tech aimed at regulating climate in commercial buildings. (The company’s name is a nod to an ideal office temperature.)
75F CEO Deepinder Singh says the funds will help “significantly expand” his company’s headcount.
“We are going to be building out the team and scaling up operations in terms of personnel and our number of offices,” Singh says.
75F currently has offices in Burnsville, Singapore, and Bangalore. As for those new offices? Singh says “most of the growth” will take place in the Twin Cities area. But the firm is eyeing additional sales offices in other parts of the United States, including California, Georgia, and Massachusetts.
Singh says 75F’s climate regulation technology has been deployed in five countries around the world, including India and Singapore. The company uses wireless sensors and cloud-based software to help keep buildings at a comfortable temperature. The technology can help reduce greenhouse gas emissions, too, according to Singh.
“We do what’s called building intelligence,” Singh says. “We make people more comfortable and productive in commercial buildings, while saving energy.”
75F says its technology can help cut energy costs by as much as 50 percent. The company’s customers include Taco Bell franchisee Border Foods, Shell, and Hewlett Packard.
In an early August filing with the SEC, 75F said it planned to raise $15 million in total. But Singh says the company has filed an updated report noting the $18 million fundraising.