Green tech startup Ecolibrium launches in the UK with $5m pre-Series A funding round
Advisory and climate tech-led sustainability solution Ecolibrium, has opened a new London HQ after raising $5m in a pre-Series A funding round, to support growing demand from commercial and industrial UK real estate owners striving to meet net zero carbon targets. The round was co-led by Amit Bhatia's Swordfish Investments and Shravin Bharti Mittal's Unbound venture capital firm, alongside several strategic investors. Ecolibrium launches in the UK, having already signed its first commercial contract with Integral, JLL's UK engineering and facilities service business.
Founded in 2008 by entrepreneur brothers Chintan and Harit Soni at IIM Ahmedabad's Centre for Innovation, Incubation and Entrepreneurship in India, Ecolibrium provides expert advisory as well as technology-driven sustainability solutions to enable businesses in commercial and industrial real estate to reduce energy consumption and ultimately achieve their net zero carbon ambitions.
The fundraising and UK expansion builds on Ecolibrium's considerable success in Asia Pacific, where its technology is being used across 50 million sq ft by more than 150 companies including Amazon, Fiat, Honeywell, Thomson Reuters, Tata Power, and the Delhi Metro. An annual reduction of 5-15% in carbon footprint has been achieved to date by companies which have deployed Ecolibrium's technology.
Ecolibrium has also strengthened its senior UK management team, as it prepares to roll-out its green platform across the UK, by hiring facilities and asset management veteran Yash Kapila as its new head of commercial real estate. Kapila previously held senior leadership positions with JLL across APAC and EMEA regions.
At the heart of Ecolibrium's offer is its sustainability-led technology product SmartSense, which assimilates thousands of internet of things (IoT) data points from across a facility's entire energy infrastructure. This information is then channelled through Ecolibrium's proprietary machine learning algorithms, which have been developed over 10 years by their in-house subject matter experts. Customers can visualise the data through a bespoke user interface that provides actionable insights and a blueprint for achieving operational excellence, sustainability targets, and healthy buildings.
This connected infrastructure generates a granular view of an asset's carbon footprint, unlocking inefficiencies and empowering smart decision-making, while driving a programme of continuous improvement to deliver empirical and tangible sustainability and productivity gains.
Quality environmental data and proof points are also providing a distinct business advantage at this time of increasing regulatory requirements that require corporates to disclose ESG and sustainability performance. Ecolibrium will work closely with customers to lead the way in shaping their ESG governance. According to Deloitte, with a minimum Grade B Energy Performance Certification (EPC) requirement anticipated by 2030, 80% of London office stock will need to be upgraded – an equivalent of 15 million sq ft per annum.
Research from the World Economic Forum has found that the built environment is responsible for 40% of global energy consumption and 33% of greenhouse gas emissions, with one-fifth of the world's largest 2,000 companies adopting net zero strategies by 2050 or earlier. Technology holds the key to meeting this challenge, with Ecolibrium and other sustainability-focused changemakers leading the decarbonisation drive.
Chintan Soni, Chief Executive Officer, Ecolibrium: "Our mission is to create a balance between people, planet and profit and our technology addresses each of these objectives, leading businesses to sustainable prosperity. There is no doubt the world is facing a climate emergency, and we must act now to decarbonise and protect our planet for future generations. By using our proprietary machine learning-led technology and deep in-house expertise, Ecolibrium can help commercial and industrial real estate owners to deliver against ESG objectives, as companies awaken to the fact that urgent action must be taken to reduce emissions and achieve net zero carbon targets in the built environment. Our goal is to partner with companies and coach them to work smarter, make critical decisions more quickly and consume less. And, by doing this at scale, Ecolibrium will make a significant impact on the carbon footprint of commercial and industrial assets, globally."
The UK expansion has been supported by the Department for International Trade's Global Entrepreneur Programme. The programme has provided invaluable assistance in setting up Ecolibrium's London headquarters and scaling in the UK market. In turn, Ecolibrium is supporting the growth of UK innovation, promoting green job creation, and providing tangible economic benefits, as part of the country's wider transition to a more sustainable future.
Lord Grimstone, UK's Minister for Investment said: "Tackling climate change is crucial in our quest for a cleaner and green future, something investment will play an important part in. That's why I'm pleased to see Ecolibrium's expansion to the UK. Not only will the investment provide a revolutionary sustainability solution to reduce carbon emissions across various sectors, it is a continued sign of the UK as a leading inward investment destination, with innovation and expertise in our arsenal."