Ampotech Co-Founders William Temple (L) and Ziling Zhou
Ampotech, an IoT- and AI-based building energy management startup in Singapore, has raised S$1.78 (US$1.3) million in pre-Series A funding led by Earth Venture Capital (Earth VC).
KSL Maritime Ventures, the VC arm of The Kuok Maritime Group, and existing investors Silicon Solution Ventures and SEEDS Capital also joined.
Ampotech will use the funds for international expansion. It 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.
“Ampotech’s 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, threatening 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, Founding Partner of Earth VC.
Originally a spin-off from an A*STAR and University of Illinois research institute, Ampotech uses the internet of things and edge computing technology to help energy, operations, and facilities managers improve the performance of their buildings.
The proprietary AmpoHub device becomes the brain of an electrical panel, logging usage data and detecting anomalies for specific equipment like air conditioners and motors. The data are transmitted securely to AmpoCloud over a WiFi network, where they can be analysed, downloaded, or shared via API.
In 2019, the startup raised S$1 million in seed funding to bring its building energy management solutions to market in Singapore and India.
Ampotech currently counts leading energy companies such as Sunseap as clients.
“With the support and resources from Earth VC and KSL Maritime Ventures, we are excited to expand into Vietnam and pursue energy management and sustainability opportunities within The Kuok Group’s real estate and marine businesses,” said Ampotech CEO and Co-Founder William Temple.
Ampotech expects to raise its Series A round in 2023 and is in preliminary discussions with potential investors.
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