SINGAPORE, Feb. 8, 2023 /PRNewswire/ -- 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, participated in the round together with existing Ampotech investors Silicon Solution Ventures and SEEDS Capital.
"We look for strategic investors that are passionate about energy and sustainability, so Earth Venture Capital and KSL Maritime Ventures are ideal partners" said Ampotech CEO and Co-Founder William Temple.
"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.
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. Ampotech currently counts leading 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, Ampotech 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.
"With the support and resources from Earth VC and KSL Maritime Ventures, we are excited to begin our expansion into Vietnam, and to pursue energy management and sustainability opportunities within The Kuok Group's real estate and marine businesses" said William Temple.
Bernard Liew, Director, KSL Maritime Ventures said, "KMV incubates and invests in high growth start-ups with purposeful and innovative solutions. We are impressed by Ampotech's vision, capabilities and track record and look forward to Ampotech delivering positive impact towards optimizing energy management in the maritime industry."
Ampotech expects to raise its Series A round in 2023 and is in preliminary discussions with potential investors.
Ampotech is an energy technology company based in Singapore that 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. Ampotech's products and software are trusted by industry leaders in the energy and real estate sectors, with thousands of devices deployed in commercial, residential, and industrial buildings. Ampotech has been recognized as one of the top climate tech companies in Southeast Asia, and has won awards for its technology and impact in the built environment sector. For more information, please visit www.ampotech.com.
About Earth Venture Capital
Earth Venture Capital (Earth VC) is a global venture capital firm investing in climate-tech solutions, with focus on the Southeast Asia region. The firm invests in Seed to Series A startups in Artificial Intelligence, Machine Learning, Robotics, New Materials, New Energy and the Internet of Things that serve the goals of switching to renewable energy, abandoning fossil fuel and increasing the level of carbon storage.
About KSL Maritime Ventures
KSL Maritime Ventures is the venture capital unit of the Kuok family's investment-holding company Kuok (Singapore) Limited. As an appointed co-investment partner of SEEDS Capital, KSL Maritime Ventures pursues sustainable solutions with a focus on renewables, fintech and vessel technologies, taking a long-term view towards creating new global maritime platforms.
About Silicon Solution Ventures
Silicon Solution Partners (SSP) is an incubator and early stage investor in Singapore through its Silicon Solution Ventures (SSV) fund. SSP's Founding Partners hail from electronics-related industries and cumulatively have more than 300 years of working and executive leadership experience in multinational and large local enterprises ranging from startup to IPO.
About SEEDS Capital
As the investment arm of Enterprise Singapore, SEEDS Capital catalyses smart investments into innovative Singapore-based early-stage startups with strong intellectual content and global market potential. SEEDS Capital adopts a co-investment model, working hand in hand with institutional investors from around the world. Leveraging its collective expertise and networks, SEEDS Capital help startups commercialise, realise their business development plans and expand globally. SEEDS Capital focuses its investments into emerging and strategic sectors aligned with national priorities, including Manufacturing, Trade & Connectivity, Human Health & Potential, Urban Solutions & Sustainability, and Smart Nation & Digital Economy.