CaaS platform Circolife raises $4.5 M Pre-series A funding from Bharat Jaisinghani
Circolife, a cooling-as-a-service (CaaS) platform, raised $4.5 million (about Rs 40.45 crore) in a pre-Series A fundraising round headed by Polycab India joint managing director Bharat Jaisinghani. Nitish Mittersain, Intelliquity Ventures, Sumit Jalan, Siddharth Ladsariya, Anand Ladsariya, Anant Goenka, Sky Impact Capital, Rohit Dev, and family offices S N Damani and Vyom Wealth were among the individual, fund, and family-office investors who participated in the round.
According to a news statement from Circolife, the additional funding will be utilized to develop its AI-augmented IoT predictive-maintenance and digital twin platform, increase its fleet and geographic reach, and scale its internal installation and service capabilities.
Circolife, which was established in 2023 by Abhishek Murarka, Tushar Patil, and Devanshu Mishra, owns, installs, and maintains the air conditioners it uses. When a unit reaches the end of its life cycle, the startup redeploys and refurbishes it using embedded IoT sensors and predictive maintenance.
According to the Thane-based firm, it presently works in five Indian cities, providing a subscription-based cooling service to small and large enterprises in restaurants, hotels, gyms, salons, co-living facilities, and corporate offices.
Customers pay a monthly fee to Circolife, which installs and maintains the air conditioners under its subscription model. According to the company, its units are made to be energy-efficient, and it can keep an eye on and maintain the equipment’s performance because it owns it for the duration of the contract.
Circolife claims that their units are networked gadgets with sensors that monitor temperature, electricity usage, and gas pressure in real time. This information is fed into a predictive-maintenance system that is intended to spot any equipment issues before they cause malfunctions. Additionally, the business is creating digital twins of its deployed gadgets using AI and extra sensors.
Within the following 24 months, Circolife intends to quadruple its subscriber base and reach 40,000 units.
Cooling-as-a-Service, which enables companies to access air conditioning and cooling infrastructure without having to make the initial capital commitment, is becoming more popular in India’s climate-tech and energy-efficiency startup ecosystem.
In December of last year, SVL SME Neev II Fund, Waaree Renewable Technologies, and Spectrum Impact provided $10 million in Series B funding for Smart Joules, a company that runs a CaaS model through its JouleCool platform. The money is being used by the company to grow its energy-efficient and cooling operations in district cooling, building automation, and manufacturing.
Tan90, which has received capital for its thermal-energy-storage solutions and introduced a CaaS model for cold-chain companies, is one of the other startups investigating the larger cooling-as-a-service and thermal-management market.
