What to know about the Series A raise from 75F:
- 75F, the Bloomington-based IoT building management system designer and manufacturer, has closed its Series A funding round at a total of $28 million
- The sprint to the finish was led by Next47 VC, a venture capital arm of the German industrial company Siemens
- According to the Star Tribune, CEO Deepinder Singh declined to elaborate on the overall value of 75F or whether the latest raise positioned Siemens as a possible acquirer
The Quote: Deepinder Singh, Founder and CEO of 75F
“We are honored to have the support of global leaders like Siemens. We want every commercial building to have the technology needed to run efficiently and affordably. My belief as an entrepreneur has always been that we should turn market leaders into partners — by doing this, we can accelerate the adoption of truly innovative technology across the industry.”
For more information, read the release below. Also, don’t miss our full interview with Deepinder Singh on The tech.mn Podcast.
MINNEAPOLIS, July 15, 2021 /PRNewswire/ — 75F, the global leader in IoT-based building automation technologies to optimize indoor air quality and energy efficiency in commercial spaces, today announced an investment from Siemens AG. Next47, the global venture capital firm backed by Siemens, led the investment on behalf of Siemens Smart Infrastructure. The latest influx in 75F’s Series A funding round brings the Minneapolis-based company’s total funding to $28 million. Next47 joins a prestigious group of investors who have supported 75F including Bill Gates’ Breakthrough Energy, OGCI Climate Investments, and WIND Ventures, among others.
“This investment signals a broader industry shift toward energy efficiency and the technologies that make those savings accessible to more customers,” said Henning Sandfort, CEO of Building Products at Siemens Smart Infrastructure. “75F’s wireless solution is easy to install and implement, offers fully-integrated AI and analytics, and can help get companies large or small on a path to meeting their energy or carbon reduction goals.”
75F’s vertically-integrated, full-stack solution includes custom hardware and software that works out of the box to improve comfort and indoor air quality while optimizing building energy use. The system uses built-in AI to create a digital twin of any commercial building, merging data from a wireless sensor network and third-party weather forecasts to predictively and proactively redirect air where it is needed most. More than a million data points and hundreds of thousands of individual decisions are analyzed and made in each customer building daily. The system is the only IoT-native solution available on the market today, a differentiator that leads to more connected, intuitive, efficient and affordable building operations.
“As a leader in automation and digitalization, Siemens is committed to supporting products, solutions and services that can deliver productivity and flexibility to customers across the value chain,” Sandfort said.
“We are honored to have the support of global leaders like Siemens,” said Deepinder Singh, founder and CEO of 75F. “We want every commercial building to have the technology needed to run efficiently and affordably. My belief as an entrepreneur has always been that we should turn market leaders into partners — by doing this, we can accelerate the adoption of truly innovative technology across the industry.”
This philosophy is one espoused by Steve Case, AOL Co-founder and Chairman and CEO of Revolution, the venture firm behind the Rise of the Rest Seed Fund, one of 75F’s earliest investors. “We have entered the Third Wave of the Internet, where it is no longer the Internet of things, it is the Internet of everything,” Case said. “Companies like 75F are so compelling because they are building on that trend with a focus on what I call the three Ps: Partnership, Policy, and Perseverance.”
75F designs and manufactures the world’s leading IoT-based Building Management System, an out-of-the-box, vertically-integrated solution that is more affordable and easier to deploy than anything on the market today. The company leverages IoT, Cloud Computing and Machine Learning for data-driven, proactive building intelligence and controls for HVAC and lighting optimization. Investors include some of the biggest names in energy and technology. 75F’s mission is to improve occupant productivity through enhanced comfort and indoor air quality — all while saving energy and the environment.
About Siemens Smart Infrastructure
Siemens Smart Infrastructure (SI) is shaping the market for intelligent, adaptive infrastructure for today and the future. It addresses the pressing challenges of urbanization and climate change by connecting energy systems, buildings and industries. SI provides customers with a comprehensive end-to-end portfolio from a single source – with products, systems, solutions and services from the point of power generation all the way to consumption. With an increasingly digitalized ecosystem, it helps customers thrive and communities progress while contributing toward protecting the planet. SI creates environments that care. Siemens Smart Infrastructure has its global headquarters in Zug, Switzerland. As of September 30, 2020, the business had around 69,600 employees worldwide.