Proptech Backed By Amazon, Robert Downey Jr. Surpasses $1B Valuation
A climate proptech firm whose energy-efficient motors power buildings, cars and trains has surpassed a billion-dollar valuation thanks to its latest funding round.
Turntide Technologies received an infusion of $80M with investments from OGCI Climate Investments, SDCL Energy Efficiency Income Trust, Meson Capital's Captain Planet LP fund and Fifth Wall, the startup announced Wednesday.
"Even in the face of global economic uncertainty and supply chain upheaval, the market demand for Turntide’s sustainability solutions has enabled us to secure new investments," Turntide CEO and Chairman Ryan Morris said in a statement. "This capital will accelerate and further scale our efforts to decarbonize the world’s most energy-intensive industries."
Despite a bear market, proptech firms that offer solutions for commercial real estate clients looking to reduce their emissions have continued to receive major funding from institutional partners like BlackRock and JPMorgan Chase. That is due in part to new regulations coming from the Securities and Exchange Commission and local jurisdictions requiring building owners to begin measuring and addressing their carbon footprint.
Data firms offering building owners energy savings have earned particular attention, as on-site emissions are often the easiest category to address for building owners.
Turntide is centered around its proprietary smart motor system that it says improves energy savings and indoor air quality for all types of commercial buildings, including retail, industrial and data centers.
The firm also offers a technology platform that provides automated building services technologies and cloud insights to improve energy savings, according to a press release. In some use cases, Turntide says its systems can lower HVAC energy use by nearly two-thirds.
Turntide lists JLL, AutoZone, Nordstrom and U.S. Bank as clients in the commercial real estate industry. It says its technology can also be used in big-box grocery stores, quick-service restaurants, warehouses and other buildings.
The company said its motor doesn't use rare earth metals, a pain point for climate solutions due to the environmental impact of mining.
“Turntide is tackling challenges that are seemingly insurmountable,” Greg Smithies, partner and co-lead of the climate investment team at Fifth Wall, said in a statement. “Decarbonizing the world’s economies requires a transformation of industrial and commercial systems, and Turntide delivers solutions that optimize energy use within these systems.”