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 a 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 a 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.