Energy Technology Startup Ampotech Raises S$1.7M in Funding Round

Singapore-based energy technology startup Ampotech has raised S$1,775,000 in Pre-Series A funding to further its international expansion.

The funding round was led by Earth Venture Capital (Earth VC), a global climate tech venture fund with Southeast Asia focus. KSL Maritime Ventures, the venture capital arm of The Kuok Maritime Group, also participated in the round together with existing Ampotech investors Silicon Solution Ventures and SEEDS Capital.

Ampotech develops internet of things (IoT) hardware and AI-enabled software to help businesses collect, analyse, and integrate building and machine electricity usage data for sustainability reporting, benchmarking, automation, and facilities management.

Thousands of the company’s devices are now deployed in commercial, residential, and industrial buildings and Ampotech counts energy companies such as Sunseap as clients. In September, the company won a 2022 ASEAN Energy Award for its AI-driven energy audit and management technology, implemented with Keppel District Heating and Cooling Systems.

Following the Pre-Series A funding, the company plans to open its first international office in the coming months, while bringing its solutions into new industry verticals beyond its base in commercial real estate.

Originally a spin-off from an A*STAR and University of Illinois research institute, Ampotech previously raised S$1,000,000 in seed funding in 2019 to bring its artificial intelligence and internet of things-enabled building energy management solutions to market in Singapore and India.

"Today, we are proud to back Ampotech. Their intellectual, dynamic and dedicated team shares our aspiration to help buildings become smarter, more sustainable and more positive for the Earth. Buildings are changing our lives for the better, but they also consume massive amounts of energy, which threatens our climate. To tackle that issue, we have Ampotech as the first of many tenacious and energetic climate warriors that we will support globally." said Tien Nguyen, the Founding Partner of Earth VC.

Ampotech CEO and Co-Founder William Temple added: "We look for strategic investors that are passionate about energy and sustainability, so Earth Venture Capital and KSL Maritime Ventures are ideal partners.”

Ampotech expects to raise its Series A round in 2023 and is in preliminary discussions with potential investors.

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