75F to open Delhi office soon
Minneapolis startup 75F is venturing into China, Indonesia, Singapore and Vietnam, an estimated US$2 billion a year combined market for its building control and energy efficiency product in commercial buildings.
The company is expanding following its success in United States, where it was founded in 2012, and India.
In India, 75F has a strong expertise of 100 people handling engineering, product development and sales hub in Bengalore, as well as sales and support service offices in Chennai and Mumbai.
An office in Delhi will be opened soon to serve the Northern Indian markets, said executives of the company which entered India in August 2016.
75F stands for 75 Fahrenheit as per the United Nations regulation on managing winter and summer temperatures.
Demand for 75F product in the three South East Asian and Chinese markets is approximately US$2 billion a year with a Compounded Annul Growth Rate of 10% while comparative demand in the Indian market is estimated at US$2 billion with a CAGR of 12%, said Gaurav Burman, India Country President of 75F.
The building technology startup has signed an agreement on 6 Dec 2019 with Singapore Power (SP) to distribute 75F product in China and the three South East Asian markets.
Founder and CEO Deepinder Singh said SP, a leading utility company going regional, had reached out to 75F for its product which will be bundled with other SP solutions for the heating, ventilation and air-conditioning markets.
Since its launch in August 2016, 75F has been growing steadily, acquiring several customers in India, added Gaurav.
The market growth potentials have helped 75F raise US$18 million Series A funding from the US-based Breakthrough Energy Ventures, which is backed by Bill Gates.
Climate Initiatives, a US$1.3 billion UK-based fund backed by the world’s 13 largest oil companies, co-led the series A while Building Ventures, a fund by the world’s leading mechanical contractors, supported it. Singh closed the Series A fund in September 2019.
Founded 75F was result of Singh’s work on one of the world’s fastest core networks for Tier 1 service providers like AT&T, NTT and Verizon in the United States.
Elaborating, Singh said the technology it is an intelligent building solution that utilizes the Internet of Things and the latest in cloud computing to create systems that predict, monitor and manage the HVAC needs of commercial buildings. Fiinews.com
