Accacia raised $6.5 M Pre-series A funding for real estate decarbonization initiative
A pre-series A funding round led by Indian startup Accacia has raised US $6.5 million for its real estate decarbonization initiative. The funding was led by international venture capital firm Illuminate Financial, with participation from B Capital, Accel, and AC Ventures.
Accacia was founded in 2022 by Annu Talreja, Piyush Chitkara, and Jagmohan Gaarg with the goal of reducing the real estate and construction sectors’ greenhouse gas (GHG) emissions, which account for 40% of global emissions.
It provides a SaaS tool with AI capabilities to help owners, developers, and real estate managers plan their decarbonization strategies and manage emissions.
By 2030, employing AI can reduce emissions by 5% to 10% while also adding US $1.3 trillion to US $2.6 trillion in value through increased revenue and decreased expenses, according to data from Boston Consulting Group.
“We have already deployed our solution to over 25 million square feet of real estate and are poised to leverage this opportunity and scale globally,” said Talreja, who is also the CEO of the company, in a statement.
The platform from Accacia is compatible with current systems for energy management, procurement, and property management. Real-time data tracking and collection are made possible by this integration, offering companies aiming for net-zero emissions a quick and affordable fix.
According to AC Ventures, the real estate sector’s goal of becoming net-zero will require an estimated US $18 trillion in funding over the next ten years. However, with major venture capital funds concentrating on decarbonizing properties, this industry is emerging as a critical area for climate solutions.
In a previous seed funding round headed by Accel and B Capital, Accacia raised US $2.5 million.
